🇳🇿New Zealand Dollar (NZD)

Decimalisation arrived on 10 July 1967, when the dollar replaced the New Zealand pound at two dollars to the pound and ended a system of pounds, shillings and pence. The cent has since been thinned out: the one and two cent coins were withdrawn in 1990 and the five cent coin in 2006, so the smallest coin is ten cents. Cash totals are rounded to the nearest ten cents at the till while card payments are charged to the cent, which is why a converted figure with two decimals can be exact for a card and slightly off for notes and coins.

The Reserve Bank of New Zealand was the first central bank in the world to adopt an explicit inflation target, in 1989, a framework that most other central banks copied over the following decade. The dollar is a commodity currency: dairy is New Zealand's largest export, and the fortnightly Global Dairy Trade auction is watched as a signal for it. It is also traded far out of proportion to the size of the economy, because it is liquid, freely convertible and has historically carried higher interest rates than the other major currencies, which makes it a standing destination for investors borrowing cheaply elsewhere.

The New Zealand dollar is legal tender in New Zealand, the Cook Islands, Niue, Tokelau and the Pitcairn Islands; the Cook Islands also mint their own coins, which circulate alongside it locally.