Cayman Islands dollar

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Cayman Islands dollar
ISO 4217 code KYD
Central bank Cayman Islands Monetary Authority
 Website www.cimoney.com.ky
User(s)  Cayman Islands (UK)
Inflation -0.1%
 Source March 2009[1]
Pegged with United States Dollar, 1.00 KYD = 1.20 USD
Subunit
 1/100 cent
Symbol $
Coins 1, 5, 10, 25 cents
Banknotes 1, 5, 10, 25, 50, 100 dollars

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.[citation needed]

History[edit]

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[2] 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Islands dollar = 1.2 U.S. dollars since 1 April 1974 when the Currency Law of 1974 was enacted.[3] The 1974 law was repealed and replaced in 1983 by the Currency Law Revised, which was replaced in 1997 by the by section 22 of the Monetary Authority Law.[4] Under section 22 of the 2013 revision of the Monetary Authority Law, the value of the Cayman dollar in United States Dollars is determined by the Governor.[5]

Coins[edit]

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.

Banknotes[edit]

On 1 May 1972,[6] 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. On 1 January 1997, the Cayman Islands Monetary Authority (CIMA) took over issuance of paper money, issuing notes for 1, 5, 10, 25, 50 and 100 dollars. The current series of notes was issued on 4 April 2011.[7]

2010 "D Series" issue[8]
Image Value Dimensions Main Color Description Date of issue Date of first issue Watermark
Obverse Reverse
[9] $1 156 x 66 mm Violet, Sea Blue and Orange Angel fish; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Nautilus shell; The Bluff on Cayman Brac 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones
[10] $5 156 x 66 mm Green Hawksbill turtles; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Conch shell; Cayman parrots 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones
[11] $10 156 x 66 mm Red, Violet and Dark Gray Landcrabs; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Shell; wild banana orchid 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones
[12] $25 156 x 66 mm Dark brown, light brown and orange Scallop shells; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Scallop shell; Hawksbill turtle; fish; coral 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones
[13] $50 156 x 66 mm Purple Stingrays; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Shell; stingray 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones
[14] $100 156 x 66 mm Orange, brown and red Cayman Schooner boats; map of the Cayman Islands; Coat of arms of the Cayman Islands; Queen Elizabeth II Conch shell; Aerial view of the Financial Center in George Town 2010 April 4, 2011 Turtle; electrotype "CIMA"; Cornerstones

Exchange rates[edit]

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 XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.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 by hotels, restaurants, and retail establishments at the rate of 1 US Dollar for every 80 Cayman cents.[15] Change is usually given in Cayman Island dollars.[16]

Banks buy US Dollars at 82 Cayman Island cents each and sell 1.20 US dollars per Cayman Island dollar.[4][15] As of 2014, the Cayman Islands Monetary Authority uses a retail exchange rate of CI$1.00 = US$1.227.[17]

Half pounds[edit]

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[citation needed] 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.

See also[edit]

References[edit]

  1. ^ http://www.eso.ky/UserFiles/File/March%202009%20CPI%20Report%20Final%20-%20August%2020,%202009.pdf
  2. ^ Cayman Islands Government Notice No. 126 of 1972, proclamation No. 2 of 1972, dated 7 July 1972
  3. ^ Cayman Islands Monetary Authority (2005-12-14). "The History of Cayman Islands Currency". Archived from the original on 2007-08-22. Retrieved 2007-09-17. 
  4. ^ a b "Cayman Islands Monetary Authority - Currency". Retrieved 2 October 2014. 
  5. ^ "Monetary Authority Law (2013 Revision)". Cayman Islands Monetary Authority. 1 November 2013. p. 18. Retrieved 2 October 2014. 
  6. ^ Linzmayer, Owen (2012). "Cayman Islands". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. 
  7. ^ Cayman Islands new family of notes confirmed BanknoteNews.com. Retrieved 2012-05-16.
  8. ^ "Cayman Islands new family of notes confirmed". Retrieved 2 October 2014. 
  9. ^ "P-38". Retrieved 2 October 2014. 
  10. ^ "P-39". Retrieved 2 October 2014. 
  11. ^ "P-40". Retrieved 2 October 2014. 
  12. ^ "P-41". Retrieved 2 October 2014. 
  13. ^ "P-42". Retrieved 2 October 2014. 
  14. ^ "P-43". Retrieved 2 October 2014. 
  15. ^ a b "Grand Cayman". New York Times. April 16, 1989. Retrieved 2 October 2014. 
  16. ^ Cayman Islands Department of Tourism. "Cayman Islands Quick Guide". 
  17. ^ "Cayman Islands Monetary Authority - Currency". Retrieved 2 October 2014. 

External links[edit]