Australian Dollar

The Australian dollar is the currency of Australia. It is also the currency used in the external territories of Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. The Australian dollar is also sometimes accepted in New Zealand. The currency code for Australian dollars is AUD. The Australian dollar was introduced on February 14, 1966, when the Australian pound was replaced by a decimal currency system. The Australian dollar was initially pegged to the British pound at a rate of 1 AUD to 0.9 GBP. The peg was changed to 1 AUD to 1.05 USD in 1971. The Australian dollar was floated on December 12, 1983. The Australian dollar is divided into 100 cents. The Australian dollar is a floating currency, which means its exchange rate is not fixed. The exchange rate of the Australian dollar is affected by a number of factors, including economic and political conditions in Australia and overseas. The Australian dollar is one of the most traded currencies in the world. The Australian dollar is also a reserve currency, which means it is held by central banks and other institutions in foreign exchange reserves.