Papua New Guinea 'Clean Cash' initiative sees inauguration of new Currency Processing Faculty
While the world debates whether cashless is the right path (it isn't), the very country known for its almost entirely off-the-beaten-track landscape, is not wasting any time and is instead taking steps to protect the central bank's core mandate - managing the supply of cash. In 2016, the Bank of PNG introduced a 'clean cash' policy, promising to inspire the public to use the banknotes and coins properly.
“The issuing, distribution and circulation of quality banknotes and coins is of paramount importance to the bank because it ensures the quality and integrity of our currency,”
The newly opened cash facility is based in the provincial capitol and will conduct operations in Momase, Highlands and New Guinea Island regions.
The Lae currency processing facility (CPF) in Morobe Province will focus on the processing, distribution and circulation of clean and fit currency notes and coins, Bank of Papua New Guinea Governor Loi Bakani said during its opening on Saturday.
Mr Bakani said this was enhanced through the resizing of the banknotes to improve differentiation of notes, where they strive to reach as many people as they can through some of their initiatives such as financial inclusion.
He said the strategic locating of the facility in Lae ensured it was accessible by the Highlands, Mamose and New Guinea Islands regions.