Since 1994 the kina has fallen dramatically relative to the U.S. dollar. The depreciation of the kina means that imports into the country become more expensive, limiting Papua New Guinea's ability to purchase technology and manufactured goods. In general, the country's
|Exchange rates: Papua New Guinea|
|kina (K) per US$1|
|SOURCE: CIA World Factbook 2001 [ONLINE].|
finances have been characterized by relatively low inflation since independence, except for a period of higher inflation in the 1990s. The inflation rate was 16.5 percent in 1999.
Papua New Guinea's first stock exchange, in Port Moresby, opened in 1999. The first 4 companies listed were Oil Search, Orogen Minerals, Lihir Gold, and Steamships Trading.