New Zealand Dollar

Overview

Economy

• New Zealand is a member of ANZUS, APEC, Commonwealth, Pacific Islands Forum, OECD.
• Main industries include: Agriculture, Forestry, Fishing, Logs and wood articles, Manufacturing, Mining, Construction, Financial services, Real estate, Tourism.
• New Zealand is part of the World Trade Organization.
• Imports are mechanical machinery, vehicles, electrical machinery, oil, textiles, plastics.
• Major exports include dairy products, meat and edible offal, logs and wood articles, fruit, crude oil, wine.
• GDP: $250.0 billion (2023 est.).
• GDP per capita: $48,249 (2023 est.).
• Unemployment rate: 3.4% (2023 est.).
• Inflation rate: 4.7% (2023 est.).
• Main trading partners: China, Australia, United States, Japan, South Korea, United Kingdom.
• Trade agreements: CPTPP, RCEP, ANZCER, New Zealand-China FTA, Various bilateral agreements.

History

• Previous currencies used: New Zealand pound, British pound.
• The New Zealand dollar was introduced in 1967, replacing the New Zealand pound. It was initially pegged to the US dollar but has been free-floating since 1985.
• 1967: NZD introduced, replacing New Zealand pound at 2:1
• 1973: Pegged to trade-weighted index
• 1985: Floated and financial markets deregulated
• 1989: Reserve Bank of New Zealand Act
• 1999: Inflation targeting framework adopted
• 2020: COVID-19 pandemic and border closure impact
• Exchange rate peg: USD (1967-1971).
• Exchange rate peg: Trade-weighted index (1973-1985).
• Exchange rate peg: Free floating (1985-present).

General Information

• ISO 4217 Code: NZD
• Symbols: NZD/$
• Currency Subunits: 100 cents
• Central Bank: Reserve Bank of New Zealand
• Monetary Policy: Inflation targeting with 1-3% target range, focused on 2%. Free-floating exchange rate with emphasis on domestic price stability.
• Bills: 5 NZD, 10 NZD, 20 NZD, 50 NZD, 100 NZD
• Coins: 10 cents, 20 cents, 50 cents, 1 dollar, 2 dollars
• USD Exchange Rate: Variable (approximately 0.60-0.62 NZD per USD)
• Pegged To: None (Floating)
• Capital: Wellington
• Population: 5,228,100 (2023 est.)
• Area: 267,710 km²
• Languages: English (de facto official), Māori (official), New Zealand Sign Language (official)
• Time Zones: UTC+12 (NZST), UTC+13 (NZDT in summer)
• Government Type: Parliamentary democracy under constitutional monarchy
• Head of Government: Prime Minister (head of government), Governor-General (representing British Crown)
• Independence: September 26, 1907 (Dominion status from United Kingdom)
• Ethnic Groups: European 64.1%, Māori 16.5%, Chinese 4.9%, Indian 4.7%, Samoan 3.9%, Tongan 1.8%, Cook Islands Māori 1.7%, English 1.5%, Filipino 1.5%, New Zealander 1%, Other 13.7%
• Religions: Christian 37.3%, Hindu 2.7%, Māori Christian 1.3%, Muslim 1.3%, Buddhist 1.1%, Other 2.7%, None 48.6%, Objected to answering 5.0%
• Literacy Rate: 99% (2003 est.)
• Transport: Auckland Airport, Wellington Airport, extensive road networks, limited rail, major ports (Auckland, Tauranga)
• Communications: Advanced telecommunications, 95% internet penetration, comprehensive mobile coverage
• Energy: Hydroelectric 57%, Geothermal 18%, Natural gas 15%, Wind 5%, Coal 2%, Oil 2%, Solar 1%
• Countries Using This Currency: New Zealand
• Data Sources: Central Bank: Reserve Bank of New Zealand (rbnz.govt.nz), Economic Data: Stats NZ, World Bank, IMF, Trade Data: New Zealand Customs Service, Demographic Data: Stats NZ, Geographic Data: MetService New Zealand, Historical Data: Reserve Bank of New Zealand archives
• Last Updated: 2025