New Zealand dollar is the official currency here.
PM Modi is visiting New Zealand. That New Zealand where Indians are 6 percent of the total population. Every year 80 thousand Indians come here and 30 percent come to spend holidays and travel. On an average, Indians spend 11 days here. The purpose of Indians coming here is not just to roam around. You also have to meet your relatives and friends. With this he spends generously.
If we compare the Indian currency with the currency of New Zealand, a big difference is seen. Know how much 500 rupees from India becomes in New Zealand.
New Zealand dollar is the official currency here. It is symbolically written as NZD, just as the Indian currency is written as INR. If we compare the currency of India and New Zealand, then 100 rupees of India goes to New Zealand and becomes only 1.82 New Zealand dollars. At the same time, the value of Indian Rupees 500 in New Zealand is 9.09 New Zealand dollars.
The job of controlling and issuing the currency here is done by the Reserve Bank of New Zealand, which is also known as Te Pūtea Matua. The central bank manages the currency by setting the official cash rate (OCR) and overseeing monetary policy to maintain price stability and promote sustainable employment.
The Reserve Bank of New Zealand controls the currency here.
New Zealand's currency is also called Kiwi dollar across the world. It has started in several phases. From the currency used during the British rule to modern plastic notes, the currency here has seen many changes over time.
British rule over New Zealand began after the Treaty of Waitangi in 1840. During that period the British Pound Sterling was made the official currency. In the initial years, coins of different countries were in circulation here, but gradually the British currency increased its status here. In the year 1933, New Zealand issued its national currency New Zealand Pound, but its value was kept equal to the British Pound. This was a big step and gradually the control of the currency passed into the hands of the government and the central bank.
Every year 80 thousand Indians reach New Zealand. Photo: Pixabay
The Reserve Bank of New Zealand was started in 1934 and this bank got the right to issue currency. But the biggest change came in 1967 when New Zealand changed its currency system. Abandoned the pound-shilling-pence system, adopted the decimal system and introduced the New Zealand dollar (NZD). And till today this currency is in circulation.
New Zealand's early dollars featured photographs of the British royal family, but later they featured photographs of those who had made invaluable contributions to New Zealand's history. Photos of New Zealand scientists, social reformers and well-known personalities of the country were printed in the currency. The coins also underwent changes from time to time and now the imprint of local culture is visible on them.
Not only this, New Zealand had created a new history by introducing plastic currency.Polymer banknotes were issued in 1999. It was one of the first countries in the world to adopt plastic notes instead of paper notes.
