Currency of Kiribati

The currency of Kiribati is dollar and international ISO code of Kiribati currency is KIR. It is totally dependent on Australian dollar and sometimes the AUD is also termed as the currency of Kiribati. Kiribati was British owned state and it got independence on 1 October 1975 but it was named as the state of Tuvalu. On 12 July 1979, it was officially declared as the Republic of Kiribati by Gilbert Islands. In 1966, the Australian dollar was declared the official currency of Gilbert and Ellice Islands. The currency remained in use even after the separation of both Islands and Kiribati was crowned with independent state title. The coins and banknotes were started to circulate in this region after 1979. At that point, these were pegged with Australian dollar with 1:1 ratio. The denominations of these coins are 1, 2, 5, 10, 20 and 50 cents and 1 dollar. These are made up of bronze and cupro-nickel material, which is similar to the Australian currency coins. In addition, their size, composition and structure also resemble the state of Australian dollar. The currency of Kiribati is minted by the Royal Australian Mint and controlled by the Reserve bank of Australia. The inflation rate of this currency is about 0.5%. Except the banknotes and coins, the mediums of exchange in Kiribati are traveler’s check, Visa and Master cards, which are accepted at major hotels and can be exchanged by Australian dollar at banks and hotels.

Kiribati Currency Dollar