Cayman Islands Dollar (KYD)

What Is the Cayman Islands Dollar (KYD)?

KYD is the currency truncation or currency symbol for the Cayman Islands dollar (KYD), the currency for the Cayman Islands. The Cayman Islands are a British Overseas Territory that includes Grand Cayman, Little Cayman, and Cayman Brac.

The Cayman Islands are a deeply grounded offshore financial center. The Cayman Islands dollar comes in denominations of 1, 5, 10, 25, 50, and 100 dollars as well as coins. The Cayman Islands Monetary Authority deals with the currency.

Understanding the Cayman Islands Dollar (KYD)

The Cayman Islands dollar was first seen in 1972, replacing the Jamaican dollar on a coordinated basis. Both Jamaican and Cayman Island currency was utilized until 1972 when the Jamaican currency was discontinued.

KYD is the truncation of the Cayman Islands Dollar, which is the currency that replaced the former island currency, the Jamaican dollar, in 1972. The KYD in circulation is made up of coins printed by the World Coin Corporation, in denominations of 1 penny, 5 pennies, 10 pennies, and 25 pennies. The banknotes, or paper currency, were initially created by Thomas De La Rue and Company, in denominations of $1, $5, $10, and $25. The KYD has two recognized symbols, $ and CI$. The British Royal Mint was responsible for printing the currency in $40, $50, and $100 denominations.

In 1974, the 1971 Currency Law was refreshed to mirror the parity between the KYD and the US Dollar, which is KYD $1 = US $1.20. This law is called the 1974 Currency Law it actually stands today. Beginning around 1997, the Cayman Islands Monetary Authority has been responsible for the giving of all currency inside the Cayman Islands.

About the Cayman Islands

The Cayman Islands are a group of island domains having a place with the United Kingdom. Situated in the Caribbean Sea, the islands of Grand Cayman, Cayman Brac, and Little Cayman make up the island chain. Christopher Columbus initially named the island chain Las Tortugas, due to the number of turtles in the region. The islands are for the most part known for their vacation spots and international financial services, because of pleasant sea shores and very little regulatory oversight in the banking sector.

The Cayman Islands composed their constitution into law in 2009, which states that a named lead representative is the head of the state following up for the benefit of the ruler. The islands are as yet addressed by the British government.

The capital of the islands is George Town where the Cayman Islands National Museum can be found. There, guests can realize about the islands and their chronicles. Tutoring on the islands is both free and mandatory at a primary level. The islands have three colleges available to residents hoping to seek after higher education.

The islands were hit hard by Hurricane Ivan in 2004 and a national disaster was declared. With an economy that depends so intensely on the travel industry, the subsequent damages limited their desirability as a vacation spot. After a strong exertion by the government to repair the damages, the island has recovered the greater part of its lost incomes throughout the following years.

The Cayman Islands brings in a substantial amount of money from fees associated with enlisting and recharging offshore companies and hedge funds. The financial services industry in the Cayman Islands generates generally 55% of the country's economy.

Illustration of KYD Exchange

The KYD is pegged to the U.S. dollar by which one Cayman dollar is equivalent to 1.20 U.S. dollars. For instance, suppose you were sending a wire transfer to the Cayman Islands and wanted to change over $1,000 to KYD. The exchange would bring about 833.60 in Cayman dollars ($1,000/1.20).

Features

• KYD is the currency truncation or currency symbol for the Cayman Islands dollar (KYD), the currency for the Cayman Islands.
• KYD has two recognized symbols that are utilized locally: $ and CI$.
• The currency depends on a fixed exchange rate pegged to the U.S. dollar at KYD $1 = USD $1.20