A practical foreign exchange and currency guide to Pitcairn
What's in this Pitcairn currency guide:
The official currency of Pitcairn is the New Zealand dollar, with symbol NZ$ and currency code NZD.
The New Zealand dollar is informally called the ‘kiwi’ by foreign exchange traders and analysts due to the kiwi bird, which is native to New Zealand, being something of a national symbol for the country. The kiwi bird is also depicted on New Zealand’s one-dollar coin.
Although the New Zealand dollar is considered one of the eight FX ‘majors’, it is actually only the world’s eleventh most traded currency. Further to the other seven majors – the US dollar, euro, yen, pound, Australian dollar, Canadian dollar and Swiss franc – the New Zealand dollar also falls behind the Mexican peso, the Chinese yuan and the Swedish krona in its share of the foreign exchange market (around 2%). The currencies of China and Mexico are not considered majors due to their emerging market status, while the krona’s market share has only exceeded that of the New Zealand dollar fairly recently (in 2016, according to the Bank for International Settlements) and is therefore not yet considered ahead of New Zealand’s currency.
In the past two decades, the New Zealand dollar’s lowest value against the US dollar occurred in October 2000 when the NZD/USD exchange rate traded at just 0.3901. The currency’s two-decade high occurred in August 2011 when NZD/USD reached 0.8842.
Among the majors, the New Zealand dollar is considered a riskier currency, which means that its value will fall against the larger majors (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.
The New Zealand dollar weakened 20 percent in 2022 versus the US dollar as a result of the risk-off trade encouraged by the Ukraine situation and a hawkish Federal Reserve.
The Kiwi dollar has been left behind as investors head for safer assets.
11 Nov 2022
27 Aug 2022
25 Nov 2021
26 Nov 2017
27 Nov 2012
30 Nov 2002
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend New Zealand dollar.