Australian currency. AUD is the currency of which country other than Australia? History and appearance

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Australian dollar is the official currency of the member states of the Commonwe alth of Australia. AUD is the currency of which country or countries? In addition to Australia, these include the Cocos Islands, the Norfolk Islands and the Christmas Islands. In addition, this currency is used in some independent states of the Pacific region. These include Nauru, Tuvalu and Kiribati.

Popularity of the Australian currency in the world

The Australian dollar has a number of symbols. Among them is the familiar symbol $, as well as $A, $AU and AU$. By the way, it will be noted that the official Australian monetary unit is one of the ten most demanded world currencies. In this conditional table of ranks, she took an honorable sixth place, second only to such common banknotes as the US dollar, euro, Japanese yen, British pound sterling and Swiss franc.

When asking the question of which AUD is the currency of which country, it is important to remember that one of the main features of the Australian currency is the material for its manufacture. Yes, inunlike most banknotes in the world, the Australian dollar is issued not on paper, but on the thinnest plastic.

History of the Australian currency

AUD has been the currency of Australia since February 14, 1966. It replaced the previously used Australian pound and the duodecimal monetary system. The creation and introduction of the dollar was initiated by the Reserve Bank of Australia in 1960. For six years, the development of layouts and design of the new currency was carried out, while discussions in society and among specialists about the name of the new monetary unit did not stop. The then prime minister of the Australian government, Robert Menzies, proposed the name "royal" (the royal). But this idea did not receive enough support among the Australian population. Given such public sentiments, it was decided to give the new monetary unit the name "dollar". It should be noted that the first plastic banknote was put into circulation in 1988. An interesting fact: among professional traders, the Australian dollar is affectionately referred to in the jargon as “ozzi” (aussie).

Australian banknotes

The first paper bills in denominations of one, two, ten and twenty dollars appeared in circulation in 1966. The new banknotes were equivalent to the previously circulated Australian pounds. The five-dollar bill was launched into circulation a year after the Australian society mastered the new decimal monetary system. In those years, many in the world had a question: "AUD - the currency of which country?"

In 1984The one-dollar bill was withdrawn from circulation and a coin of the same denomination was launched. A similar fate awaited the two-dollar bill. In 1973, fifty dollars appeared in circulation, and 11 years later, a hundred-dollar bill was introduced. It should be noted that all Australian dollar bills have the same height but different lengths.

Banknotes issued after 1988 are of high quality and long service life. They are made of special plastic. Their release was timed to coincide with the bicentenary of the settlement of the Australian continent by European settlers.

It will be by the way to say that over time, the banknotes of this monetary unit changed their appearance. Therefore, many people have a question: "AUD - the currency of which country?" For example, the five-dollar bill of the Australian dollar has already changed its design three times. One of the variants of such a banknote is made in pale pink color and the image of Queen Elizabeth II of Great Britain is placed on the obverse. But on the reverse side you can see the new and old buildings of the Australian Parliament.

In closing

It should be noted that the purchase and sale of the Australian dollar account for a twentieth of all world currency transactions. In addition, the dynamics of the Australian dollar is also positive. For 1 AUD today they give about 47 Russian rubles. Such popularity of the monetary unit is easy to explain. Firstly, Australia has a rather high interest rate,secondly, in this country there is a high level of stability of both the political system and the economy. In addition, the Australian foreign exchange market is free and independent of the government.