What is the name of the currency in New Zealand?

By Selwyn Gishen AAA
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?)



RELATED FAQS

  1. What is the difference between pips, points, and ticks?

    Learn the differences between points, ticks and pips and how each are used by investors to measure price changes in stocks, ...
  2. How does inflation affect the exchange rate between two nations?

    Understand how inflation can affect foreign exchange rates of a currency and how it is just one of many economic factors ...
  3. How do I create a Forex Range-Bound trading strategy?

    Discover how to create a range-bound trading strategy with forex currency pairs, and learn which kinds of pairs are most ...
  4. What are common strategies traders implement when identifying a Bearish Engulfing ...

    Learn how to spot a bearish engulfing pattern, and learn some of the trading strategies you can implement to take advantage ...
RELATED TERMS
  1. N.V. (NV or Naamloze Vennootschap)

    An acronym for the Dutch phrase Naamloze Vennootschap, a public ...
  2. ICE LIBOR

    See LIBOR
  3. WM/Reuters Benchmark Rates

    Spot and forward foreign exchange rates that are used as standard ...
  4. Exchange Rate

    The price of a nation’s currency in terms of another currency. ...
  5. Indirect Quote

    A currency quotation in the foreign exchange markets that expresses ...
  6. Competitive Devaluation

    A series of sudden currency depreciations that nations may resort ...

You May Also Like

Related Articles
  1. Fundamental Analysis

    Forex Exotic Currency Trading: Risks ...

  2. Stock Analysis

    Near Tangible Book, Teck Is Worth A ...

Trading Center