How Do You Spell KIRIBATI DOLLAR?

1. The Kiribati dollar is the official currency of the Republic of Kiribati, a small island nation situated in the central Pacific Ocean. It is also recognized as the legal tender of this sovereign state. The currency operates under the ISO 4217 code KID, and it is divided into 100 cents.

   The Kiribati dollar was introduced in 1979, replacing the Australian dollar, which had been used as the official currency prior to Kiribati's independence. Despite its separate identity, the Kiribati dollar maintains a fixed exchange rate with the Australian dollar at a ratio of 1:1, aided by a Currency Union Agreement. This agreement ensures the acceptance of both currencies within Kiribati and allows for the free exchange between them.

   Kiribati dollar banknotes are denominated in various values, including $1, $2, $5, $10, $20, and $50, while coins are available in denominations of 5, 10, 20, and 50 cents, as well as $1 and $2. The tender is issued by the Reserve Bank of Kiribati, which serves as the country's central bank.

   Due to Kiribati's remote geographical location and limited economic output, the Kiribati dollar primarily circulates within the borders of the country and is seldom used outside its jurisdiction.

Common Misspellings for KIRIBATI DOLLAR

The term "Kiribati Dollar" can be understood by breaking it down into its components:

1. Kiribati: The word "Kiribati" refers to the island nation located in the central Pacific Ocean. It consists of a group of 32 atolls and one island, formerly known as the Gilbert Islands. The word "Kiribati" is a local adaptation of the Gilbertese word "Kiribas", which means "Gilberts". The country changed its name from Gilbert Islands to Kiribati when it gained independence from the United Kingdom in 1979.

2. Dollar: The term "dollar" has its origins in the silver coins used in Europe during the Middle Ages.