Search results
Results From The WOW.Com Content Network
The pound (sign: £, £A [1] for distinction) was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings (denoted by the symbol s or /– ), each of 12 pence (denoted by the symbol d ).
When Australia was part of the fixed-exchange sterling area, the exchange rate of the Australian dollar was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.
Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of A$1 = 8s sterling (or £1 stg = A$2.50, and in turn £1 stg = US$2.80). In 1967, Australia effectively left the sterling area when the pound sterling was devalued against the US dollar from US$2.80 to US$2.40, but ...
Australian currency was originally based on British pounds, shillings and pence. That changed in 1966, when the country converted to Australian dollars and cents, similar to the U.S. system.
As the pound sterling went from US$4.03 to US$2.80, the Australian pound went from US$3.224 to US$2.24. [20] Relative to the pound sterling, the Australian pound remained the same at A£1 5s = £1 sterling. With the breakdown of the Bretton Woods system in 1971, Australia converted the traditional peg to a fluctuating rate against the US dollar.
AOL latest headlines, entertainment, sports, articles for business, health and world news.
These same banks controlled the exchange rate for Fiji, and in 1933 the Fijian pound was devalued to £1.2.2 Fijian = £1 sterling in order to bring it into line with the devalued New Zealand pound, even though the New Zealand pound would very shortly devalue further to bring it into line with the devalued Australian pound. At the outbreak of ...
Currency quotations use the abbreviations for currencies that are prescribed by the International Organization for Standardization (ISO) in standard ISO 4217.The major currencies and their designation in the foreign exchange market are the US dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF).