| Cayman Islands dollar | |||
|---|---|---|---|
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| ISO 4217 code | KYD | ||
| User(s) | Cayman Islands (UK) | ||
| Inflation | -0.1% | ||
| Source | [1], march 2009 | ||
| Pegged with | United States Dollar, 1 KYD = 1.2 USD | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | $ | ||
| Coins | 1, 5, 10, 25 cents | ||
| Banknotes | 1, 5, 10, 25, 50, 100 dollars | ||
| Central bank | Cayman Islands Monetary Authority | ||
| Website | www.cimoney.com.ky | ||
The Cayman Islands Dollar (currency code KYD) is the currency of the Cayman Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is subdivided into 100 cents. It is the 9th-highest-valued currency unit in the world and the highest-valued dollar unit.
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The Cayman Islands dollar was introduced in 1972, replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands then remained both legal tender until 1 August 1972[1] when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974.[2]
In 1972, coins in denominations of 1¢, 5¢, 10¢ and 25¢ were introduced. The 1¢ was struck in bronze, with the other denominations in cupronickel. From 1992, copper and nickel-plated steel replaced bronze and cupronickel, respectively.
In 1972, the Cayman Islands Currency Board introduced notes in denominations of 1, 5, 10 and 25 dollars. 40 dollar notes were introduced in 1981 but were taken out of circulation a few years later, followed by 100 dollars in 1982 and 50 dollars in 1987. In 1997, the Cayman Islands Monetary Authority (CIMA) took over issuance of paper money, issuing notes for 1, 5, 10, 25, 50 and 100 dollars.
| Current KYD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
| From OzForex: | AUD CAD CHF EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD |
Note: Rates obtained from these websites may contradict with pegged rate mentioned above
On the islands, the US dollar is accepted as legal currency at the rate of US$1.00 equal to KY$0.80 (i.e. US$1.25 = KY$1.00). Change is usually given in Cayman Island dollars.[3]
The Cayman Islands dollar is an off-shoot of the Jamaican dollar which is essentially a half pound sterling. Jamaica followed the pattern of South Africa, Australia, and New Zealand in that when it adopted the decimal system, it decided to use the half-pound unit as opposed to the pound unit of account. The choice of the name "dollar" was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to the pound sterling.
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