New Zealand dollar

The New Zealand dollar (NZD, $, also informally known as the "Kiwi dollar") is the official currency of New Zealand. It is also used in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. The currency code for the New Zealand dollar is NZD, and the symbol is $, with NZ$ sometimes used to distinguish it from other dollar-denominated currencies.

History

The New Zealand dollar was introduced on 10 July 1967, replacing the New Zealand pound at a rate of two dollars to one pound. This change was part of a wider move to decimalize the currency system, which was common in many countries during the 20th century.

Coins and Banknotes

The New Zealand dollar is subdivided into 100 cents. The current coin denominations are 10c, 20c, 50c, $1, and $2. The banknotes are issued in denominations of $5, $10, $20, $50, and $100.

Coins

The coins feature various designs, including notable figures and symbols of New Zealand's cultural heritage. For example, the $1 coin features a kiwi, a flightless bird native to New Zealand, while the $2 coin features the kotuku (white heron).

Banknotes

The banknotes are printed with images of prominent New Zealanders and significant cultural symbols. The $5 note, for instance, features Sir Edmund Hillary, the famous mountaineer who was one of the first two individuals to reach the summit of Mount Everest.

Economy

The New Zealand dollar is one of the top ten most-traded currencies in the world, reflecting the country's stable economy and significant trade relationships. The Reserve Bank of New Zealand is responsible for issuing and managing the currency, as well as setting monetary policy to maintain price stability.

Exchange Rates

The value of the New Zealand dollar fluctuates based on various factors, including interest rates, inflation, and the overall economic performance of New Zealand. It is often compared to other major currencies such as the United States dollar, the Euro, and the Australian dollar.

See Also

• Economy of New Zealand
• Reserve Bank of New Zealand
• List of countries by foreign-exchange reserves
• Currency
• Foreign exchange market