A:

The New Zealand currency is known as the New Zealand dollar. The currency was decimalized in 1967, and divided into 100 parts or cents. Before 1967, the currency was called the New Zealand pound. But since its decimalization, it has been called the New Zealand dollar. The currency, affectionately referred to as the Kiwi, trades under the symbol NZD or NZ$.

Since 1999, the New Zealand government has produced polymer or plastic versions of the New Zealand dollar, which has made the note more secure against counterfeiting. In addition, the new polymer composition has increased the longevity of the note. It is estimated that the polymer note lasts four times longer than regular linen or paper notes. Interestingly, the polymer note can go through a washing machine without suffering any material damage. Will other countries around the world follow suit and move their currencies from paper to polymer?

(For more on this topic, see What are the most common currency pairs traded in the forex market?)

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