Kiribati Dollar (KID)

Basic Concepts of the Kiribati Dollar

The Kiribati Dollar is the legal tender of the Republic of Kiribati, with the currency code KID, but in practice circulates in Australian dollars as the primary medium of exchange.

Country of Use

The Kiribati Dollar is only used within the country. Kiribati is an island nation in the central Pacific Ocean, consisting of 33 atolls and islands, with Tarawa as its capital.

Currency Units and Denominations

The Kiribati Dollar is pegged to the Australian Dollar equivalent and is divided into 100 cents. Coin denominations include 1, 2, 5, 10, 20, 50 cents and $1, and banknotes are available in denominations of 2, 5, 10, 20, 50 and 100 dollars.

Historical Background

Kiribati issued its national currency in 1979 after gaining independence from the United Kingdom, replacing the previously used Australian dollar. However, due to the small size of the economy, the Australian dollar is still widely circulated in daily transactions.

Economic Status and Characteristics

The Kiribati dollar has only symbolic circulation in the country, and the real economy is highly dependent on the Australian dollar. The country's economy is based on fishing, copra exports and foreign aid.

Exchange Rate and Conversion

The Kiribati Dollar has a fixed exchange rate of 1:1 with the Australian Dollar and is not traded separately on international foreign exchange markets. It is more convenient for tourists to use Australian dollars directly when visiting.