Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender". ![]() In the same year there were A$71.12 billion in Australian currency in circulation (US$57.71 billion), or A$2,932 per person in Australia, which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve. In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share. The Australian dollar was introduced on 14 February 1966 to replace the pre-decimal Australian pound, with the conversion rate of A$2 per = A£1. Within Australia, it is almost always abbreviated with the dollar sign ( $), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. The Australian dollar ( sign: $ code: AUD) is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. ![]() Tuvaluan dollar and Kiribati dollar at par ![]() Reserve Bank of Australia, September 2021.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |