New Zealand dollar

The New Zealand dollar (ISO 4217: NZD, sometimes NZ$ and often informally known as the Kiwi (dollar)) is the official currency of New Zealand, the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It was introduced in 1967 to replace the New Zealand pound, when the country decimalised its currency.

Timeline of value

• Before 10 July, 1967, New Zealand used the New Zealand pound, which was pegged to the UK's Pound sterling
• On 10 July, 1967, New Zealand decimalised its currency by introducing the New Zealand dollar, at the rate of $2 per £1. The new currency remained pegged to Sterling.
• On 23 December, 1971 the New Zealand dollar was pegged to the United States dollar, rather than Sterling. The new Official Rate was US$1.216 with a 4.5% fluctuation range, with unchanged gold content.
• From 9 July, 1973 to 4 March 1985 the dollar's value was determined from a trade-weighted basket of currencies.
• From 4 March, 1985 the dollar's value has been determined by the financial markets, and is generally in the range of about 0.40?0.74 United States dollars, with a particularly low valuation during 2001, and particularly high during early 2005, mainly due to the drop in value of the US dollar.