Fijian Dollar

The Fijian dollar has been the currency of Fiji since 1969 and was introduced on 18 October 1969, replacing the previous pound at a rate of 1 dollar = 10 shillings. Fiji had been using the pound as its unit of currency, despite being a part of the Commonwealth of Nations, which had decimalised its currencies in 1966. The decision to decimalise was made by the then-Prime Minister, Sir Robert Menzies. The dollar was pegged to the pound at a rate of 1 dollar = 8 shillings 4 pence (1 pound = $1.20). The dollar was introduced in an attempt to reduce the high level of inflation in Fiji, which was caused by a large increase in government expenditure. The dollar was initially pegged to the pound at a rate of 1:1, but this was changed in 1971 to 1:2, and then again in 1973 to 1:4. The dollar was floated in 1983. The dollar is divided into 100 cents and is normally written with the dollar sign "$" before the amount. It is also abbreviated with the dollar sign "F$" or, more commonly, "FJ$". The dollar is legal tender in Fiji and is also accepted in other Pacific island countries. The Fiji dollar is issued by the Reserve Bank of Fiji, which also regulates the country's monetary policy. The bank has the sole right to issue banknotes and coins in Fiji. The banknotes are printed by De La Rue, and the coins are minted by the Royal Mint. The most recent banknotes were introduced in 2005 and feature images of Fiji's natural environment, as well as indigenous Fijian people. The coins feature similar designs, with the exception of the 1 cent and 2 cent coins, which feature the national flower of Fiji, the Hibiscus.