JARVIS (AP) – New currency exchange services from the popular jarvis currency market in New Zealand will be launched at a launch event on Sunday, starting a week before the country hosts the first-ever World Cup.
The New Zealand Government said the new system will be open to all traders and users of the new exchange, which is operated by a company called Jarvis.
It will be used by the government and other government agencies, the Ministry of Business, Innovation and Employment said.
Jarvis has been offering the currency exchange service for years, but now its first two new markets will open for trading.
The new exchange will be a new market to the nation, said Jody Thompson, the head of Jarvis, in a news release.
The first markets will be in Auckland, which will be the capital of New Zealand, and Wellington, a small city of about 5,000 people that will be home to the national soccer team.
Jarvas is also planning a pilot program in Wellington to launch the service there next week.
The New Zealand government is paying for the pilot program with $40 million in funding from the New Zealand Export-Import Bank, which also provides assistance for international trade.
The exchange will open to the public on April 11, and will be available for $9.95 per transaction, or $2.50 per transaction for online purchases.
Jarves is the only one of several exchanges currently operating in New York and other markets that are being supported by the Federal Reserve.
The Federal Reserve has been working with the New York-based exchange since December to launch a pilot project.
The Fed said it was pleased to be partnering with the company on the exchange.
The U.S. has seen its trade with New Zealand fall as the World Cup heats up, which has hurt the country’s trade with other countries.
New Zealand has lost more than half its trade to the United States, the largest trade deficit with the U.N.
In February, New Zealand imposed a ban on imports of sugar from the United Kingdom.
New York officials said they wanted to protect the country from a possible import ban in the future.