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| Cayman Islands dollar | |||
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| ISO 4217 Code | KYD | ||
|---|---|---|---|
| User(s) | Cayman Islands | ||
| Inflation | 4.4% | ||
| Source | The World Factbook, 2004 | ||
| Pegged with | KY$ = 1.2 U.S. dollars | ||
| 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.
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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.
| Use Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD |
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Note: Rates obtained from these websites may contradict with pegged rate mentioned above
See also
References
- ^ Cayman Islands Monetary Authority (2005-12-14). "The History of Cayman Islands Currency". Retrieved on 2007-09-17.
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0873411501.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
External links
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Wikipedia content modification information:
- This page was last modified on 21 October 2008, at 15:24.
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