The currency of Kiribati, however, is not independent money but pegged at 1:1 ratio to the Australian dollar. With respect to money in Kiribati, paper notes were more prevalent until 1979, when coins were issued and circulated along with the coins and banknotes of the Australian dollar.
As far as the Kiribati coinage is concerned, the existing coins are available in different denominations, namely 1, 2, 5, 10, 20 and 50 cents and 1 dollar as well. Barring the 50 cents and 1 dollar coins, the sizes of all the other coins in Kiribati resemble that of their corresponding Australian dollar. However, there are visible differences in the sizes of the 50 cents and 1 dollar coin. The 1 dollar coin is larger and dodecagonal in shape compared to the 50 cents coins, which are more or less smaller and round in appearance.
There are however, no restrictions with respect to the movement of Kiribati currency. This means both the export and import of this currency is carried out without any hassle.
1 US dollar is equal to the value of 1.9619 Australian dollars or currency of Kiribati.
Australian Dollar as the Kiribati currency, is manufactured in the Royal Australian Mint and regulated in Kiribati Island by the Reserve Bank of Australia. The inflation rate of this currency is about 0.5%.
As far as the banking services and foreign exchange in Kiribati are concerned, the Australian Dollar is accepted by all the banks in the country. Travelers cheques can also be issued on the basis of this currency. There is absolutely no problem at the time of exchanging these cheques for cash while making payments in a few local hotels. There is also no constraint during importing Kiribati currency from other countries, either from foreign banks or via the traveler’s cheques. Payments through credit cards like Visa Card and Master Card are also widely accepted.
