Finance:Cayman Islands dollar
| ISO 4217 | |
|---|---|
| Code | KYD (numeric: 136) |
| Subunit | 0.01 |
| Unit | |
| Symbol | $ |
| Denominations | |
| Subunit | |
| 1⁄100 | cent |
| Banknotes | |
| Freq. used | $1, $5, $10, $25, $50, $100 |
| Rarely used | $40, $70 (commemorative) |
| Coins | |
| Freq. used | 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[1] |
| Pegged with | CI$1.00=US$1.20 |
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.
History
The Cayman Islands dollar was introduced in 1972 (10 years after separation from the Colony of Jamaica), replacing the Jamaican dollar at par. Jamaican currency and Cayman Islands dollars both remained 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dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted.[3] In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law.[4] Under section 22 of the 2013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
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.
| Coins of the Cayman Islands dollar | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Date of first minting | ||||||||||||
| Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | 1 cent | 17 mm | 1.72 mm | 2.55 g | Copper-plated steel | Smooth | Queen Elizabeth II | Grand Cayman thrush | 1999 | |
| 5 cents | 18 mm | 1.1 mm | 2 g | Nickel-plated steel | Smooth | Queen Elizabeth II | Cayman crawfish | 1999 | ||||||||
| 10 cents | 21 mm | 1.46 mm | 3.45 g | Nickel-plated steel | Smooth | Queen Elizabeth II | Green turtle | 1999 | ||||||||
| 25 cents | 24.26 mm | 1.61 mm | 5.1 g | Nickel-plated steel | Smooth | Queen Elizabeth II | Schooner "Kirk B" | 1999 | ||||||||
Banknotes
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]
The CIMA issued notes of 70 dollars in 2023 to commemorate the anniversary of the passing of Elizabeth II and the Platinum Jubilee of Elizabeth II.[8]
| Obverse | Reverse | Value | Dimensions | Main Color | Description | Date of issue | Date of first issue | Watermark | |
|---|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | ||||||||
| $1 | 156 x 66 mm | Blue | 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 | ||
| $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 | ||
| $10 | 156 x 66 mm | Pink | 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 | ||
| $25 | 156 x 66 mm | Brown | 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 | ||
| $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 | ||
| $100 | 156 x 66 mm | 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
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.[10] Change is usually given in Cayman Island dollars.[11]
Banks buy US Dollars at 82 Cayman Island cents each and sell 1.20 US dollars per Cayman Island dollar.[4][10] (As of 2014), the Cayman Islands Monetary Authority uses a retail exchange rate of CI$1.00 = US$1.227.[12]
Half pounds
The Cayman Islands dollar is an offshoot of the Jamaican dollar, which is essentially a half pound sterling. Jamaica followed the pattern of South Africa , Australia , and New Zealand in using the half-pound unit as opposed to the pound as the unit of account when it adopted the decimal system. 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
- Cayman Islands Monetary Authority
- Central banks and currencies of the Caribbean
- Economy of the Cayman Islands
References
- ↑ http://www.eso.ky/UserFiles/File/March%202009%20CPI%20Report%20Final%20-%20August%2020,%202009.pdf [bare URL PDF]
- ↑ Cayman Islands Government Notice No. 126 of 1972, proclamation No. 2 of 1972, dated 7 July 1972
- ↑ Cayman Islands Monetary Authority (2005-12-14). "The History of Cayman Islands Currency". https://www.cima.ky/currency.
- ↑ 4.0 4.1 "Cayman Islands Monetary Authority - Currency". http://www.cimoney.com.ky/currency/default.aspx?id=82.
- ↑ "Monetary Authority Law (2013 Revision)". 1 November 2013. p. 18. http://www.cimoney.com.ky/WorkArea/DownloadAsset.aspx?id=2147484142.
- ↑ Linzmayer, Owen (2012). "Cayman Islands". The Banknote Book. San Francisco, CA: www.BanknoteNews.com. http://www.banknotebook.com.
- ↑ Cayman Islands new family of notes confirmed BanknoteNews.com. Retrieved 2012-05-16.
- ↑ "CIMA Unveils Queen Elizabeth II $70 Commemorative Banknote". https://www.cima.ky/cima-unveils-queen-elizabeth-ii-70-commemorative-banknote.
- ↑ "Cayman Islands new family of notes confirmed". http://banknotenews.com/files/e26d963e086621c2010ce13d7c95ece5-1488.php.
- ↑ 10.0 10.1 "Grand Cayman". The New York Times. April 16, 1989. https://www.nytimes.com/1989/04/16/travel/l-grand-cayman-469289.html.
- ↑ Cayman Islands Department of Tourism. "Cayman Islands Quick Guide". http://www.caymanislands.ky/tour_guide/country.aspx.
- ↑ "Cayman Islands Monetary Authority - Currency". http://www.cimoney.com.ky/currency/currency.aspx?id=830.
External links
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