New Zealand Dollar (NZD)

 

A Brief History of the New Zealand Dollar

The New Zealand Pound was the first official currency of New Zealand and was introduced in 1840. It was only in July 1967 that the New Zealand Dollar came into play, replacing the NZ Pound and decimalising the currency of New Zealand.

The New Zealand Dollar was initially pegged to the U.S. Dollar at the rate of US$1.62, although the currency soon devalued along with the British Pound to a NZD/USD exchange rate of 1.1200 in November 1967.

The NZD was then permitted to float in March 1985. Since then, the New Zealand Dollar has floated freely against all major currencies, with only minimal intervention seen from the Reserve Bank of New Zealand.

The New Zealand Dollar in the Foreign Exchange Market

The New Zealand dollar is the tenth most traded currency in the foreign exchange market, accounting for 1.6% of all daily FX trading volume.

The most popular New Zealand dollar exchange rate is the NZD to USD rate. NZD/USD is commonly referred to as Kiwi Dollar, while a popular nickname for the NZ dollar in the FX market is the kiwi - named after the nation's native bird - the same bird also depicted on the back of New Zealand’s one dollar coin.

Due to New Zealand’s active commodity exports, the NZD is considered a commodity currency. As a result, its exchange rate can be affected by shifts in the price of various commodities.

The New Zealand Dollar is also considered a risker currency by international investors. As a result, it often depreciates relative to safe haven currencies like the U.S. Dollar during times of risk aversion.

Fact Table:

Currency Name: The New Zealand Dollar
Currency Code: NZD
Currency Symbol: $ or NZ$
Central Bank: The Reserve Bank of New Zealand
Countries Used In: New Zealand
Major Unit: One New Zealand Dollar
Minor Unit: One Cent = 1/100 of one New Zealand Dollar
Note Denominations: $5, $10, $20, $50 and $100
Coin Denominations: 10¢, 20¢, 50¢, $1 and $2

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