A considerable amount of money flows between the European Union (EU) and New Zealand regularly. In 2016, around U.S. $52 million was sent from New Zealand to Germany as remittances. Around U.S. $2 million was sent from the Netherlands to New Zealand as remittances in the same year. Bilateral trade of goods and services between both regions accounted for around €12.5 billion in 2016.
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The name “euro” was adopted by the EU at the Madrid Summit in December 1995. It was declared as the EU’s official currency on 1 January, 1999, at which point its use began in the form of electronic transfers, traveler’s checks, and the likes. Circulation of euro-denominated currency began only in January 2002.
As of September 2018, 19 of the 28 EU member states use the euro as their official currency. They include:
Some overseas territories of EU member states use the euro as legal tender, as do Kosovo and Montenegro. Cuba adopted the euro as a trading currency in 1998, followed by Syria in 2006.
The euro is the world’s second most traded currency globally and it is also on the second spot of international reserve currencies. Its share in the international forex market turnover was more than 31% in April 2016.
|Nicknames||Quid, aereo, pavo, ege|
|Bank notes||EUR 5, EUR 10, EUR 20, EUR 50, |
EUR 100, EUR 200, EUR 500
|Coins||1c, 2c, 5c, 10c, 20c, 50c, EUR 1, EUR 2|
The New Zealand Dollar
The New Zealand pound served as New Zealand’s official currency from 1840 to 1967, at which point the New Zealand dollar came into being. Other than New Zealand, use of the New Zealand dollar is also found in Cook Islands, Pitcairn Islands, Niue, and Tokelau. While New Zealand banknotes have undergone a few transformations, they have retained the concept of using vibrant colors.
In April 2016, the share of the New Zealand dollar in the global forex market turnover stood at 2.1%, which made it the 10th most commonly traded currency in the world. The average trading volume of the New Zealand dollar was NZ $198.11 billion in April 2018.
|Currency symbol||$, NZ$|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||10c, 20c, 50c, $1, $2|
Euro / New Zealand Dollar Historical Rates
Upon the euro’s introduction in January 1999, the New Zealand dollar was trading at around NZ $2.10 against the euro. While the New Zealand dollar gained value over the next few months, trading at around NZ $1.95 by May the same year, it could not maintain this position for long.
From then, until early 2005, the value of the New Zealand dollar hovered largely between NZ $1.87 to NZ $2.25 against the euro. Toward the end of 2005, the New Zealand dollar was trading at below NZ $1.7 against the euro.
The EUR/NZD currency pair experienced considerable volatility from early 2006 to mid 2011. While the value of the New Zealand dollar dropped to around NZ $2.53 against the euro by February 2009, the Irish and Greek crisis soon began having an adverse effect on the value of the euro.
The New Zealand dollar continued to almost consistently gain value against the euro until mid 2012, trading at around NZ $1.52 against the euro in July 2012. Since then, the value of the New Zealand dollar has fluctuated largely between NZ $1.4 and NZ $.1.8 against the euro. In recent times, since early 2017, the value of the New Zealand dollar has continued to drop against the euro, with brief interim periods of relief.
EUR/NZD in the last five years
|EUR 1 =|
|1 July, 2013||NZ $1.6661|
|1 July, 2014||NZ $1.5750|
|1 July, 2015||NZ $1.6667|
|1 July, 2016||NZ $1.5502|
|1 July, 2017||NZ $1.5758|
EUR/NZD in the last five months
|EUR 1 =|
|1 April, 2018||NZ $1.7176|
|1 May, 2018||NZ $1.6704|
|1 June, 2018||NZ $1.7270|
|1 July, 2018||NZ $1.7149|
|1 August 2018||NZ $1.7516|
What Affects EUR/NZD Rates?
Economic data is the main driving force when it comes to the value of the euro, with aspects such as consumer price index, gross domestic product (GBP), and trade balances across the EU playing important roles. Given that Germany is the biggest contributor to the EU’s economy, its economic data has a significant effect on the exchange rate of the euro.
From New Zealand’s perspective, factors that tend to have a bearing on the EUR/NZD exchange rate include GDP, trade balance, inflation, interest rates, as well as performance of the ANZ Commodity Price Index. Since New Zealand’s economy depends significantly on agriculture and tourism, upward trends in these sectors may have a positive effect on the value of the New Zealand dollar.
If you plan to send money from anywhere in the EU to New Zealand or in the opposite direction, pay close attention to the EUR/NZD exchange rate you get. In addition, consider comparing the offerings of leading overseas money transfer companies across other parameters such as fees, customer service, and reach to determine which one suits your needs the best.