New Zealand dollar
|New Zealand dollar|
|New Zealand dollar (|
Tāra o Aotearoa (
$1 coin reverse
|Unofficial user(s)|| |
|0.2% (New Zealand only)|
|Source||Reserve Bank of New Zealand, November 2016|
The New Zealand dollar (
Introduced in 1967, the dollar is subdivided into 100
The New Zealand dollar is consistently one of the 10 most traded currencies in the world, being approximately 2.0% of global foreign exchange market daily turnover in 2013.
Prior to the introduction of the New Zealand dollar in 1967, the
On Monday 10 July 1967 ("Decimal Currency Day"), the New Zealand dollar was introduced to replace the pound at a rate of two dollars to one pound (one dollar to ten shillings, ten cents to one shilling, 5⁄6 cent to a penny). Some 27 million new banknotes were printed and 165 million new coins were minted for the changeover.
The New Zealand dollar was initially pegged to the
In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US$1.216 with a 4.5% fluctuation range, keeping the same gold value. From 9 July 1973 to 4 March 1985 the dollar's value was determined from a trade-weighted basket of currencies.
The dollar's post-float low was US$0.3922 on 22 November 2000, and it reached a post-float high on 9 July 2014 of US$0.8821. Much of this medium-term variation in the exchange rate has been attributed to differences in interest rates.[
On 11 June 2007 the
Two suspected interventions followed, but they were not as successful as the first: the first appeared to be initially effective, with the dollar dropping to approximately US$0.7490 from near US$0.7620. However, within little more than a month it had risen to new post-float highs, reaching US$0.8103 on 23 July 2007.
After reaching its post-float record high in early 2008, the value of the NZ$ plummeted throughout much of the 2nd half of 2008 and the first quarter of 2009 as a response to the global economic downturn and flight by investors away from "riskier" currencies such as the NZ$. The NZ$ bottomed out at approximately US$0.50 on 6 March 2009. However, it rebounded strongly as the year progressed, reaching the US$0.75 range by November 2009.
By late 2012, the dollar was holding above 80 US cents, occasionally reaching 85¢, prompting calls from
As of early June, 2017, the NZD was trading at approximately US$0.71.