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The Kiwi is the common term used for the New Zealand Dollar. It derives its name from New Zealand's national icon, a flightless bird called a kiwi, which is pictured on one side of the country's $1 coin. The Kiwi is the official currency of New Zealand and is used also in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands. It was introduced in 1967 to replace the New Zealand Pound, when the country decimalized its currency. The common usage symbol for the Kiwi is NZ$. The Reserve Bank of New Zealand is the government institution that issues the Kiwi. The Kiwi divides into smaller units called cents. One hundred cents make one New Zealand Dollar or Kiwi. The Kiwi is a currency that 'floats', meaning that market forces determine the value of the Kiwi against other currencies. The Kiwi is considered a major secondary currency and is actively traded in the international currency markets. The approximate conversion value for the Kiwi in late 2005 in US dollars is Kiwi 0.68+ to USD 1.
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