Cayman Islands dollar edit extracted from Wikipedia, the Free Encyclopedia (using Wikipedia Reflection Script)

Cayman Islands dollar
1992 25 cent coin
ISO 4217 Code	KYD
User(s)	Cayman Islands
Inflation	4.4%
Source	The World Factbook, 2004
Pegged with	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 dollar (currency code KYD) is the currency of the Cayman Islands. It is normally 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.

History

The dollar was introduced in 1972, replacing the Jamaican dollar at par. Jamaican currency and the new Cayman Islands currency were both legal tender until August 31, 1972, when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged to the U.S. dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974¹. However, it is typically traded at USD 1.25 in retail outlets around the islands.^{citation needed}

Coins

In 1972, coins in denominations of 1, 5, 10 and 25 cents were introduced. The 1 cent coins were struck in bronze, with the other denominations in cupro-nickel. From 1992, bronze- and nickel-clad steel replaced bronze and cupro-nickel, respectively.

Banknotes

In 1972, Cayman Islands Currency Board introduced notes in denominations of 1, 5, 10 and 25 dollars. 40 dollar notes were introduced in 1981, however they revoked 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.

Note: Rates obtained from these websites may contradict with pegged rate mentioned above

See also

• Central banks and currencies of the Caribbean
• Economy of the Cayman Islands

References

External links