New Zealand Dollar Currency
New Zealand dollar is one among the top ten traded currencies in the world. It is also referred to as Kiwi, the name acquired from their national bird and this is the image on $1 coin.
This currency has a significant place among several other dollar-dominated currencies. It has remained strong in the financial market and has been attracting potential investors.
The currency, New Zealand dollar has good importance and this is evident as some independent economies have made their currency systems into dollars including Cook Islands.
The New Zealand dollar currency code is NZD and 554 is the numeric code as per ISO regulations. This also is the national currency for the Cook Islands, Tokelau, Niue and Pitcairn Islands. This dollar was introduced in 1967 and was depicted with ‘NZ$’ or ‘$’ and cent is the subunit.
The New Zealand currency has some interesting facts such as the banknotes bear Maori work and has images also written in Maori, besides the names begin from consonants.
However, $50 note features Maori work on the front side and another very important fact is that $5 and $20 notes have two historical personalities that are still alive. $20 has Queen Elizabeth II image and this is the only personality who is not a citizen of this country. The New Zealand dollars plays a significant role in accomplishing its objective.
The New Zealand dollar was pegged initially to the US dollar at NZ$1= US$1.39. This rate was changed in the same year on 21 November to US$1.12 after British pound devaluation. The US devalued dollar with relation to gold in 1971 such that New Zealand had to peg its dollar on 23 December, 1971 at US$1.216.
This was done retaining the gold value to be the same. However, 9 July 1973 to March 4, 1985 was the period when the dollar value was determined at US$0.4444 and then the financial markets determined the range to US$0.39 to 0.82. In 2000 November the value was US$0.3922 and in 2008 February US$0.8213.
In early 2008 the float record was high, but the end plummeted and the initial quarter of 2009 it bottomed at US$0.50. However, it strongly progressed reaching US$0.75 by November 2009.