The only legal tender to be used in the Autonomous Region of Bougainville is the Papua New Guinea Kina and no other currency.
ABG President Chief Dr John Momis made the strong statement following reports of the U Vistract backed “Bougainville Kina” that was initiated by failed money scheme founder, Noah Misingku.
The so called Bougainville Kina is being used in parts of South and North Bougainville by a faction that has aligned themselves with the Mekamui group that resides in the heartland of the now defunct Panguna Mine.
President Momis explained that Bougainville, despite being an autonomous region, does not have that power from the National Government to have its own currency as yet.
“The Bank of Papua New Guinea does not recognise any other currency in PNG or Bougainville for that matter except for the PNG Kina which stands as the only legal tender in the Autonomous Region of Bougainville,” Momis said.
There have been reports that the illegal currency is already in circulation with some people already lured into thinking that the so called Bougainville Kina carries any value for transaction with business houses.
Momis has urged Bougainvilleans to refrain from using the currency, concentrate on following due processes and adhere to the ABG’s laws to generate a revenue stream for themselves, as well as the government.
“We must concentrate on the legitimate processes involved in generating revenue so that we can build better infrastructure as well as to better ourselves,” he said.
Bougainvilleans as a whole should be looking at building their capacity, drawing down important powers and functions from the National Government and be referendum ready. The business houses in Bougainville have resounded the President’s call in saying that they will not be accepting any forms of payment in transactions that does not include the PNG Kina as legal tender.
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