BANKNOTES OF THE CAYMAN ISLANDS
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The history of the Cayman Islands Dollar
The dollar (currency code KYD) has been the currency of Cayman Islands since 1972. It is normally abbreviated with the dollar sign $, or alternatively CI$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.
The Cayman Islands dollar is pegged to the US dollar at KYD 1= USD 1.227, by arrangement with the World Bank. However, it is typically traded at USD 1.25 in retail outlets around the islands.
The dollar is issued by the Cayman Islands Monetary Authority (CIMA), as established by law in January 1997. CIMA replaced the previous Cayman Islands Currency Board which was formed in 1971.
Prior to May 1972, currency in the Cayman Islands had traditionally been supplied by Jamaica. First the Jamaican pound and then, after 1969, the Jamaican dollar circulated until May 1, 1972, when the Cayman Islands introduced its own coins and banknotes. Jamaican currency and the new Cayman Islands currency were both legal tender until August 31, 1972, when Jamaican currency ceased to be legal tender.
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Page created: 20 June 2006
Last Update: 3 April 2007
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