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A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.The currency that is used as the reference is called the counter currency, quote currency, or currency [1] and the currency that is quoted in relation is called the base currency or transaction currency.
The New Zealand dollar was initially pegged to both the British pound sterling and the United States dollar at NZ$1 = UK£ 1 ⁄ 2 = US$1.40. On 21 November 1967 sterling was devalued from UK£1 = US$2.80 to US$2.40 (see Bretton Woods system ), but the New Zealand dollar was devalued even more from NZ$1 = US$1.40 to US$1.12, to match the value ...
Prior to 1985 the New Zealand dollar was controlled centrally by the Reserve Bank of New Zealand at an exchange rate fixed to the United States dollar.In early 1984 the Deputy Governor of the Reserve Bank, Roderick Deane, became concerned that the New Zealand dollar had become significantly overvalued and was vulnerable to currency speculation on the financial markets in the event of a ...
The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; [2] [3] and also referred to as the dollar or Aussie dollar) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu.
The Australian dollar was floated in December 1983, as subsequently also was the New Zealand dollar in March 1985. Contemporary dollarisation by either country to the currency of the other or the more involved currency union entailing amalgamation of the central banks and economic regulatory systems of both countries have been proposed and ...
The first New Zealand banknotes were released on 1 August 1934, signed by the first Governor of the Reserve Bank, Leslie Lefeaux.The first issue was printed by Thomas de la Rue and his company based in London, and included notes with the denomination of 10/- (ten shillings), £1 (one pound), £5 and £50.
The New Zealand one-dollar note was introduced on 10 July 1967 as part of the Reserve Bank of New Zealand’s third issue round. The third issue round was the first round in which the official currency was denominated in dollars and utilised the decimal system.
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.. Most countries have decimalised their currencies, converting them from non-decimal sub-units to a decimal system, with one basic currency unit and sub-units that are valued relative to the basic unit by a power of 10, most commonly ...