Cayman Islands dollar
| Cayman Islands dollar | |
|---|---|
| ISO 4217 | |
| Code | KYD |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Symbol | $ |
| Banknotes | 1, 5, 10, 25, 50, 100 dollars |
| Coins | 1, 5, 10, 25 cents |
| Demographics | |
| User(s) |  Cayman Islands (UK) |
| Issuance | |
| Central bank | Cayman Islands Monetary Authority |
| Website | www |
| Valuation | |
| Inflation | -0.1% |
| Source | March 2009 |
| Pegged with | United States Dollar, 1.00 KYD = 1.20 USD |
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, as of 22 April 2014[update].
The Cayman Islands dollar was introduced in 1972, replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands dollars both remained legal tender until 1 August 1972, 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. In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. 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.
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.
On 1 May 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. 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.
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. Change is usually given in Cayman Island dollars.
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Wikipedia