The new K100 banknote featuring a portrait of the late Sir Julius Chan was formally launched yesterday and is now recognised as legal tender, effective immediately, marking a historic moment in Papua New Guinea’s monetary and national history.
Prime Minister Hon. James Marape joined Bank of Papua New Guinea Governor Elizabeth Genia, Lady Stella Chan, Note Printing Australia (NPA) CEO Malcolm McDowell, and distinguished state guests to officiate the launch at a formal state banquet hosted by the Bank of Papua New Guinea at the Stanley Hotel in Port Moresby.
The entire Chan family was present to witness the ceremony, which is a milestone event that symbolises the enduring legacy of the late Sir Julius Chan in shaping the economic foundations of Papua New Guinea.
Prime Minister Marape acknowledged Sir Julius Chan as a towering figure in the nation’s financial history and praised his discipline, foresight, and ethics in economic leadership. He reflected on Sir Julius Chan’s contribution from 1972, when the People’s Progress Party gave decisive support to Pangu in forming the pre-Independence government, with Sir Julius Chan serving as Finance Minister before and after Independence.
The Prime Minister said this new K100 banknote stands as a rightful tribute to a man who played a pivotal role in constructing the modern economic architecture of Papua New Guinea.
“If there is anyone who deserves a rightful place on the highest bill of our currency, it is Sir Julius Chan, and I say this with greatest respect to all our founding fathers, including Grand Chief Sir Michael Thomas Somare,” Prime Minister Marape said.
He noted that while there are no major roads or buildings bearing Sir Julius Chan’s name, the most fitting and enduring place to preserve his face, memory, character, values, and national service is on the country’s highest banknote, a symbol that will pass through the hands of generations.
“I believe the rightful place to carry his legacy into the future is on our highest bill, the K100 banknote,” he added.
The Prime Minister thanked Governor Genia, the BPNG Board, management and staff, as well as Note Printing Australia, for accepting the Government’s advice and delivering the new banknote, which was officially launched three days ahead of the anniversary of Sir Julius Chan’s passing.
BPNG Governor Elizabeth Genia said the Central Bank will ensure equal accessibility of the new K100 banknote to all Papua New Guineans. She highlighted that the note incorporates advanced security and inclusive design features, including tactile elements to support people with vision impairments, by enabling independent and dignified use of the national currency.
“The new K100 banknote will enter circulation starting 28 January 2026, through our commercial banking partners across the country,” Governor Genia said.
She clarified that the new design will circulate alongside the existing K100 banknote, with both remaining legal tender. Governor Genia further called on Papua New Guineans to reflect on the life and values of the man featured on the note, describing Sir Julius Chan as a leader of discipline, trade, and firm belief that Papua New Guinea could stand confidently among nations.
The ceremony concluded with Governor Genia formally declaring the new K100 banknote as legal tender, followed by Lady Stella Chan unveiling the new design alongside Prime Minister James Marape, symbolising the official release of the new K100 banknote into national circulation.