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Australian Money The Story of Australian MoneyAustralia is looked upon as a model nation by countries in Asia and the Far East. Australia is a country with a unique spirit and one which has utilized this unique spirit in order to advance itself and bring progress and prosperity to its shores. The level of this progress and prosperity has been highlighted by the stability and the strength of the Australian currency. The currency of Australia is the Australian Dollar and this currency is one of the most stable currencies in the whole world. This stability is proved by the fact that a number of countries in Far East Asia have pegged their own respective currencies against the Australian Dollar. The story of the Australian Dollar is indeed a very interesting one. The rise of the Australian Dollar has been absolutely phenomenal and today the Australian Dollar is currently at number six in the list of most traded currencies in the world. The Australian Dollar was introduced in the year 1966 on the fourteenth of February. The standard Australian money, the Australian Dollar was introduced was the Australian Pound. The thing to be noted is the fact that the Australian Dollar does not utilize the decimal system completely. The Australian Dollar makes use of the half pound system in place of the pound system. Thus the Australian Dollar is not entirely a true Dollar as a true Dollar is based on the system employed by the Spaniards for the Spanish Dollar. The Australian Dollar is very steady and stable. This steadiness is attributed to Australia's well maintained and well organized government setup and also its social structure. The controlling authority or the central bank in Australia is the Reserve Bank of Australia. The Reserve Bank of Australia has the task of regulating the ebb and flow of the currency and ensuring the smooth functioning of its fiscal system. The Australian Dollar was floated on the open market in 1983 and through the flotation the Dollar has seen its value fluctuate in relation to the variations of the demand and supply graph internationally. However these fluctuations are not major and the Australian Dollar has managed to maintain a stable rate most of the times. Australia used to operate a pegged exchange policy and the Australian Dollar was pegged against the British Pound till the flotation in 1983. Since the flotation, Australia operates a free floating exchange policy. The Australian money is minted by the Royal Australian Mint. Coins from the denomination of five cents are minted to the denomination of two dollars. Banknotes of five dollars to a hundred dollars are printed. Australia has strict foreign exchange regulations and Australian Dollars can be purchased all over the world in most major banks. Australian foreign exchange rules also permit people to carry up to 10,000 dollars with them while entering or departing Australian borders. Australian Dollars can also be purchased at dedicated foreign exchange institutions. However it is always better to look up the exchange rates and always use the services of a certified foreign exchange dealer while purchasing Australian Dollars. You would need to buy Australian money if you are planning to go to Australia on your next summer vacation. Search for articles related to Australian Money: |
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