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Map of New Zealand. The economic history of New Zealand dates to before European colonisation of the country. By the 20th century, it had become one of the most globalized economies in the world, relying heavily on international trade with developed countries including Australia, Canada, China, European Union, the United States, Japan, and South Korea.
At first New Zealand was administered from Australia as part of the colony of New South Wales, and from 16 June 1840 New South Wales laws were deemed to operate in New Zealand. [53] This was a transitional arrangement, and the British Government issued the Charter for Erecting the Colony of New Zealand on 16 November 1840.
New Zealand dollar. The New Zealand dollar (Māori: tāra o Aotearoa; sign: $; code: NZD) is the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. [2] Within New Zealand, it is almost always abbreviated with the dollar sign ($).
The economy of New Zealand is a highly developed free-market economy. [23] It is the 52nd -largest national economy in the world when measured by nominal gross domestic product (GDP) and the 63rd -largest in the world when measured by purchasing power parity (PPP).
v. t. e. In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. [1] Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. [2]
Eurozone. The international status and usage of the euro has grown since its launch in 1999. When the euro formally replaced 12 currencies on 1 January 2002, it inherited their use in territories such as Montenegro and replaced minor currencies tied to pre-euro currencies, such as in Monaco. Four small states have been given a formal right to ...