The latest on AUD to PGK exchange rates
To learn more about the history of the Papua New Guinean kina and its relationship with the Aussie dollar, keep reading below.
Exchange rates last updated Monday, 16 July 2018 10:22:47 AM AEST. The online exchange rates provided by this Currency Converter are intended as a guide only and should not be used for transactional purposes. All rates are subject to change from time to time without notice. Exchange rates used in-store may differ from those offered online. The Travelex online buy rate will be used for conversions from a foreign currency to the local currency. The Travelex online sell rate will be used for conversions from the local currency to a foreign currency.
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The lowdown on the Papua New Guinean kina
A relatively new kid on the scene, the kina has been the currency of Papua New Guinea since 19 April 1975. Before that, Papua New Guinea used the Australian dollar as its currency, and the kina replaced this at the same rate.
In case you’re wondering, the name ‘kina’ is derived from the Kuanua language of the Tolai region, and it refers to the pearl shells once used for trading.
A look back at Australian dollar to Papua New Guinean kina rates
By June 2007, the PGK was trading at around 2.5 to 1 Australian dollar, but with the global financial crisis hitting in 2008, it fell to 1.58 to 1 Australian dollar by October 2008. By January of 2010, it was back up to 2.52 against the Aussie dollar and has remained relatively stable since then. As of May 2017, it sits at 2.38 PGK to 1 AUD.