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Economy, Currency and Banking

NZSE, Reserve Bank of New Zealand, monetary unit, foreign-owned, New Zealand Stock Exchange

The monetary unit is the New Zealand dollar, which is divided into 100 cents (NZ$2.20 equals U.S.$1; 2000 average). The Reserve Bank of New Zealand (founded in 1934) has the sole power of issue. The banking industry was deregulated in the 1980s. Legislation that took effect in 1987 allowed the incorporation of foreign banks into the domestic banking system, and this resulted in an expansion of the number of banks. The great majority of registered banks in New Zealand are now foreign-owned. In 2002 the government-owned Kiwibank opened with the purpose of serving small businesses and investors, as well as keeping all its profits in New Zealand. The New Zealand Stock Exchange (NZSE), created in 1981 as the successor to the Stock Exchange Association of New Zealand (founded in 1915), is the only stock exchange in the country.



Article key phrases:

NZSE, Reserve Bank of New Zealand, monetary unit, foreign-owned, New Zealand Stock Exchange, equals, New Zealand dollar, banking industry, profits, successor, cents, small businesses, effect, expansion, average, Legislation, purpose, number of banks, investors, country

 
 

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