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New Zealand dollar Currency
The New Zealand Dollar (NZD) acts as the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. It is issued by the Reserve Bank of New Zealand. The NZD is subdivided into 100 cents, and its symbol is $, or NZ$.
| Symbol | $ |
| Nicknames | New Zealand dollar |
| ISO 4217 code | NZD |
| Country Name | New Zealand |
| Country Code | 64 |
| Price in USD | 1.69 |
| Countries using this currency | New Zealand, Niue, Tokelau, Pitcairn Islands |
Overview of Currency
Description
Introduced in 1967, the New Zealand dollar serves as the official currency of New Zealand. It is abbreviated with the dollar sign ($), but variations like $NZ or NZ$ are used outside New Zealand to differentiate it from other dollar-denominated currencies.
The NZD is divided into 100 cents. The New Zealand currency has five coins and five banknotes, with the smallest being the 10-cent coin. However, the smallest denominations have been abandoned because of inflation and production costs.
Economy
- New Zealand has a mixed capitalist economy, which is mainly based on a free market system, with private ownership, and market forces deciding prices and wages.
- According to the International Monetary Fund (IMF), New Zealand has a nominal GDP of nearly $262.92 billion. While the GDP is predicted to be $294.56 billion in terms of purchasing power parity.
- Despite being a large country, the economy of New Zealand is relatively smaller than the major global economies. The country’s GDP in terms of PPP was reported to be $252.18 billion in 2025.
- The country ranks 52nd largest globally in terms of nominal GDP and 63rd based on purchasing power parity (PPP).
History
- The New Zealand Parliament authorized the Decimal Currency Act in 1964, officially changing to the new dollar currency in July 1967.
- Words such as “fern”, “kiwi”, and” zeal” were used to avoid confusion with the word “dollar”, but in the end, the word ” dollar” was chosen.
- The Reserve Bank of the country issues the New Zealand dollar, which has the currency code NZD, denoted as NZ$.
- Since 1985, the currency of New Zealand has been free-floating.
- From the first year until 1998, the coin displayed the portrait of Queen Elizabeth II by the British-Palestinian sculptor Raphael Maklouf on its obverse.
- In 1999, the New Zealand carving on the obverse of the dollar coins was replaced by Ian Rank-Broadley’s portrait of Queen Elizabeth II.
- In the same year, the paper banknotes were replaced with polymer notes to make them more durable and anti-counterfeiting.
Trivia
- New Zealand currency is one of the top ten currencies used in trade globally.
- The currency of New Zealand is commonly called kiwi as it is named after the national bird, which is displayed on the 1-dollar coins.
- The two-dollar New Zealand coin is the largest and heaviest coin in circulation, weighing 10 grams and measuring 26.5 millimeters in diameter.
Most Popular Currency Pairing For New Zealand dollar
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Frequently Asked Questions
No, the New Zealand pounds were replaced with the New Zealand dollar in 1967 when the country decimalised its currency.
The New Zealand dollar is abbreviated as NZD and is sometimes called “kiwi dollar”.
Yes, New Zealand has its own currency, which is the New Zealand dollar (NZD).
According to the Bank for International Settlements, New Zealand’s currency ranks 15th.
The strength of the currency in New Zealand may not always be strong, as it tends to fluctuate. However, the NZD is considered to be a stable currency because of the strength of the country’s economy and outlook.
The New Zealand dollar, or NZD, is the official currency used by New Zealand.