Like the British pound, it was subdivided into 20 shillings (symbol s) each of 12 pence (symbol d). As a result of the great depression of the early 1930s, the New Zealand agricultural export market to the UK was badly affected. The Australian banks, which controlled the New Zealand exchanges with London, decided to devalue the New Zealand pound in relation to sterling in the UK. By 1933, the New Zealand pound had fallen to a value of only 16 shillings sterling. In 1948 however, it was once again restored to its original sterling value. In 1967, New Zealand decimalised its currency, replacing the pound with the dollar at a rate of $2 = £1 (or $1 = 10s). In November of that year, the pound sterling devalued, and New Zealand used this as an opportunity to re-align its new dollar to parity with the Australian dollar. For a more general view of history in the wider region, see History of pound sterling in Oceania.