What Is the Currency of Fiji?

By Sharon Omondi on August 13 2019 in Economics

Fijian banknotes and coins.

Fiji is a South Pacific nation that is famous for its rugged landscapes, clear lagoons, and magnificent beaches. It is an archipelago consisting of over 300 islands. The currency used in Fiji is known as the Fijian Dollar (FJ$). The Fijian Dollar became the official currency of Fiji in 1969. Its currency code is FJD. The most popular Fiji Dollar exchange rate is the FJD to AUD rate which is 0.65 AUD per 1 FJD. It is officially issued by the Reserve Bank of Fiji.

History of the Fijian Currency

The first Fijian dollar issue occurred in 1867. The first denomination ever released was the 1 dollar note. Later on, other denominations were introduced. Between 1871 and 1873, the banknotes issued were the $50, $25, $10, and $5 notes. The Fijian pound replaced the Fijian dollar as currency in 1873. The currency was used until 1969 when the country reverted to the use of the Fijian dollar. The government went on to issue new series of 50 cents, $20, $10, $2, and $1 notes. The first $5 Fijian dollar note was issued in 1970. In 1974, the government created the Central Monetary Authority and mandated it to issue paper money in Fiji. Twelve years later, the Reserve Bank of Fiji replaced the Central Monetary Authority as the primary issuer of the Fijian dollar currency coins and banknotes. By 1995, the Fijian currencies still featured the image of Queen Elizabeth due to the country’s colonial ties with the United Kingdom. But, in 2013, images of animals and plants replaced the queen’s image.

Banknotes and Coins

Similar to countries like South Africa, New Zealand, and Australia; Fiji’s currency operates on the basis of the decimal system. Subsequently, its accounting unit is half pound. Adopting the decimal system led to the change of Fijian currency from the Fijian pound to Fijian dollar. The dollar was closer to the United States dollar than to the British Sterling pound.

The commonly used FJD banknotes are the 5, 10, 20, 50, and 100 dollar bills. On the other hand, the coins that are often used for monetary transactions include the 5 cents, 10 cents, 20 cents, 50 cents, 1 dollar, and 2 dollars.

Commemorative Banknotes

Fiji has had several commemorative notes. In the year 2000, the Reserve Bank of Fiji issued two commemorative notes to celebrate the millennium. The notes were the $2 and $2,000. Additionally, in 2017 the Reserve Bank of Fiji released $7 to celebrate the Fijian 7’s rugby team’s victory during the 2016 Olympic Games in Rio de Janeiro.

Current Value and Status

The current value of the Fijian Dollar in relation to the four major currencies in the Forex markets is: 1 US Dollar equals 2.12 Fijian Dollars, 1 Sterling Pound equals 2.73 Fijian Dollars, 1 Euro equals 2.41 Fijian Dollar, and 1 Australian Dollar equals 1.54 Fijian Dollars. Although these currencies are stronger than the Fijian dollar is among the strong currencies in the world.

More in Economics