The Australian currency is called the Australian dollar. The ISO code is: AUD. The abbreviations of the currency are $ A, A $ or AU $. The Australian dollar is used not only in Australia, but also in Kiribati, Nauru and Tuvalu. Kiribati, Nauru and Tuvalu also have their own currencies, but the Australian dollar is also recognized as legal tender.
History of the Australian currency
From 1910 to 1966, the currency in Australia was the pound. The Australian dollar has been around since 1967.
The Australian financial market developed very quickly and well in the 1990’s, integrating the Australian economy into the world economy. As a result, the Australian dollar gained in importance and is now the 6th most traded currency worldwide.
The currency symbol is the $. In 1992 the use of 1 and 2 cent coins was given up.
The economic crises of 1997 and 2008 had a strong impact on the value of the Australian dollar, which fluctuated greatly over time. The Reserve Bank of Austria tried to contain the sharp fluctuation of the Australian dollar by making many transactions in the miscellaneous market in the hope of stabilizing the exchange rate. The central bank bought and sold the US dollar according to the situation.
Exchange into Australian dollars
The exchange of cash in Australia is very expensive and involves high exchange fees, so it makes sense to change the required money in your home country, as well as to change the remaining Australian dollars at home.