NZD (New Zealand Dollar)

DEFINITION of 'NZD (New Zealand Dollar)'

The currency abbreviation or currency symbol for the New Zealand dollar (NZD), the currency of New Zealand. The New Zealand dollar is made up of 100 cents and is often represented by the symbol $ or NZ$ to set it apart from other currencies based in dollars. The currency is also used in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands.

Also known as the Kiwi.

BREAKING DOWN 'NZD (New Zealand Dollar)'

When New Zealand's currency was decimalized in 1967, the New Zealand dollar replaced the New Zealand pound at a rate if 2 dollars to 1 pound. Initially pegged to the United States dollar (USD), the New Zealand dollar went through a series of changes in the fixed exchange rate until March of 1985, when the currency was allowed to float freely.

The currency is often known as a kiwi because of the national bird found stamped on the one dollar coin.

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RELATED FAQS
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    International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency ... Read Answer >>
  3. Why is the U.S. dollar shown on the top of some currency pairs and on the bottom ...

    All currencies are traded in pairs. The first currency in the pair is called the base currency while the second is called ... Read Answer >>
  4. Why isn't the EUR/USD currency pair quoted as USD/EUR?

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  6. Why is currency always quoted in pairs?

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