Exchange Rate Philippine Peso To New Zealand Dollar
Introduction
The exchange rate is the value of one currency in relation to another. It is an essential factor for international trade and travel. This article will discuss the exchange rate between the Philippine Peso and the New Zealand Dollar.
Philippine Peso (PHP)
The Philippine Peso is the official currency of the Philippines. It is abbreviated as PHP and is subdivided into 100 centavos. The Bangko Sentral ng Pilipinas is the central bank of the Philippines, responsible for maintaining the stability of the country's financial system.
New Zealand Dollar (NZD)
The New Zealand Dollar is the official currency of New Zealand, Cook Islands, Niue, Tokelau, and Pitcairn Islands. It is abbreviated as NZD and is subdivided into 100 cents. The Reserve Bank of New Zealand is the central bank of the country.
Exchange Rate
The exchange rate between the Philippine Peso and the New Zealand Dollar fluctuates daily due to various economic and political factors. As of August 2021, the exchange rate is approximately 0.031 NZD to 1 PHP. This means that one New Zealand Dollar is equivalent to 31 Philippine Pesos.
Factors Affecting the Exchange Rate
Several factors can affect the exchange rate between two currencies. Some of the significant factors include inflation rates, interest rates, economic stability, political stability, and global events.
Impact on Import and Export
The exchange rate has a significant impact on the import and export industry. If the exchange rate of a country's currency is high, it means that the country's goods and services are costly for other countries to import. On the other hand, if the exchange rate is low, it becomes cheaper for other countries to import goods and services from that country.
Traveling to New Zealand
If you plan to travel to New Zealand, you will need to exchange your Philippine Pesos for New Zealand Dollars. You can do this at any authorized foreign exchange dealer, such as banks or currency exchange booths.
Conclusion
The exchange rate between the Philippine Peso and the New Zealand Dollar fluctuates daily, and several factors can affect it. It is essential to keep track of the exchange rate if you are involved in international trade or travel.