Before introduction of Kiwi in 1967, New Zealand pound was pegged to UK pound. When New Zealand decimalized currency and introduced Kiwi, it was still pegged to Pound sterling at NZ$2. In December 1971, NZ dollar was pegged to US dollar as opposed to Pound. Its official rate was US $1.216 with a range of fluctuation at 4.5 % and it contained an unchanged content of gold. Then from 1973 to 1985, Kiwi’s value was determined through a trade-weighted basket of currencies. Since 1985, its value has been determined by financial markets.
History of New Zealand Dollar (NZD)