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NEWS AND EVENTS
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 | The official currency of the Cook Islands is the New Zealand Dollar (otherwise referred to as the Kiwi Dollar). The Cook Islands have a Dollar, used interchangeably with the Kiwi. However, only the $1, $2, $5 coins and $3 note of the Cook Islands Currency remains in circulation, and legal only within the Cook Islands.
| | The Cook Islands Dollar | In 1987, 3, 10 and 20 dollar notes were introduced by the government, followed by 50 dollars as part of a new series of notes in 1992. These notes were issued until 1995. All notes, with the exception of the $3 have been withdrawn from circulation.
The Cook Islands notes and coins make up a fraction of the money supply within the Cook Islands. Naturally, the exchange of Cook Islands coins and notes in the market place is – particularly with the $3 note. As these notes are no longer printed, they have become an attractive collectors’ item, further limiting the note’s presence in the market.
| | Money Supply | The Cook Islands do not have a Central Monetary Authority. Accordingly, the Cook Islands is without monetary control.
| | Coins | Cook Islands coin denominations include: 5cents, 10cents, 20cents, 50cents, $1, $2 and $5.
*In 2006, the Cook Islands 5cents, 10cents, 20cents and 50cents coins were withdrawn from circulation following the Reserve Bank of New Zealand’s (RBNZ) move to withdraw the older (and larger) New Zealand coins replacing them with smaller coins of the same design. The RBNZ completely withdrew from circulation the 5cent coins leaving the 10cents as the smallest denominator.
No Cook Islands 10cents, 20cents and 50cents coins had since been minted therefore only New Zealand coins of these denominations are in circulation. |
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Last Updated ( Thursday, 06 November 2008 19:14 )
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