The Cayman Islands Dollar, abbreviated as KYD, refers to the official currency of the British Overseas Territory of the Cayman Islands. The currency was introduced in 1972, replacing the Jamaican Dollar at a fixed exchange rate. The monetary authority responsible for issuing and regulating the Cayman Islands Dollar is the Cayman Islands Currency Board.
The Cayman Islands Dollar is denoted by the symbol "$" or "CI$". It is subdivided into 100 cents and coins are available in denominations of 1, 5, 10, 25, and 50 cents, as well as 1 dollar. Banknotes are issued in denominations of 1, 5, 10, 25, 50, and 100 dollars.
Although the Cayman Islands are a British Territory, the Cayman Islands Dollar is not considered legal tender in the United Kingdom. Nevertheless, it is widely accepted in most businesses, hotels, and restaurants within the islands, with US dollars being also commonly used.
The value of the Cayman Islands Dollar is tied to the US Dollar at a fixed exchange rate. It is primarily used for local transactions within the Cayman Islands and offers stability in a jurisdiction known for its banking and financial services industry. The Cayman Islands Dollar benefits from the overall economic strength and stability of the islands, which are renowned for their robust offshore banking sector, tourism, and high standard of living.
In summary, the Cayman Islands Dollar is the official currency of the Cayman Islands, serving as a medium of exchange and store of value within the territory.
