The Australian dollar also nicknamed as the Aussie is the official currency of the Commonwealth of Australia, as well as the Pacific Island states of Nauru, Tuvalu and Kiribati. It is made up of 100 cents and is presented with the currency code of AUD and symbol $, A$, or AU$. It was introduced on February 14, 1966, as a replacement of the Australian pound. In the foreign exchange market, the Australian dollar is among the most traded currencies around the world. It is commonly paired with the USD, GBP and JPY.
It is also considered as a commodity currency due to the large quantities of natural resources exported by Australia. The Reserve Bank of Australia is tasked with the responsibility of pursuing monetary stability. As a floating currency, the AUD is popular among traders because of its high-interest rates, economic stability and the fact that the government does not interfere as much in the currency market. The Australian dollar is available in coins of 5, 10, 20 and 50 cents and one and two dollar denominations and banknotes of 5, 10, 20, 50 and 100 dollar denominations. Australian bills are made of polymer and feature images of famous Australians from both the past and present.