when did australia go from pounds to dollars
Australian dollar The Australian pound, introduced in 1910 and officially distinct in value from the pound sterling since devaluation in 1931,[10] was replaced by the dollar on 14 February 1966.[11] The rate of conversion for the new decimal currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 = 8 shillings ($2.50 = UK Â£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. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.
Australian fifty-dollar note There was no fifty dollar note released as part of the initial rollout of decimal currency in 1966, but inflation necessitated its introduction seven years later in 1973. [2]
Australian dollar In 2016, the Australian dollar was the fifth most traded currency in the world, accounting for 6.9% of the world's daily share (down from 8.6% in 2013).[4] It trades in the world foreign exchange markets behind the US dollar, the euro, the yen and the pound sterling.[5] The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle.[6] The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".
Decimalisation India changed from the rupee, anna, pie system to decimal currency on 1 April 1957.
List of former European colonies Britain and United Kingdom
Bank of England In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor[5] on behalf of the government, with independence in setting monetary policy.[6][7][8][9]