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MONETARY
SYSTEM
OFFICIAL
CURRENCY
Australian
Dollar (A$1 = 100 cents)
LATEST
EXCHANGE RATE
Australian
dollars per US dollar - 1.70424 (January 2002)
CURRENCY
CONVERTIBILITY REGIME
Australia has
a floating exchange rate system and market forces determine the
value of the Australian dollar at any given time.
NAME
OF CENTRAL BANK ITS RESPONSIBILITIES
RESERVE BANK
OF AUSTRALIA
The Reserve
Bank of Australia, in consultation with the Government,
determines and
implements monetary policy. It has a charter to
pursue policies
that best contribute to stability of Australia's currency,
full employment, economic prosperity and welfare
of the Australian
people.
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