First euro transaction takes place at Wellington airport

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Wellington International airport became the location of the world's first transaction using the Europe's new euro banknotes yesterday. According to Travelex Australasia, New Zealand's Finance Minister, Trevor Mallard, exchanged New Zealand dollars for euros at Wellington airport just after the clock ticked over into New Year's Day.

The 12 countries introducing the euro are Belgium, Austria, Finland, France, Luxembourg, Ireland, the Netherlands, Germany, Portugal, Italy, Greece and Spain. By February 28, the euro zone countries switching to the euro will have progressively withdrawn those currencies from circulation. After that date, legacy bank notes can still be redeemed through that country's national central bank, although Travelex said the process would not be straightforward.