The currency of the Cayman Islands. Currency code (KYD)

What Is the Cayman Islands Dollar - KYD?

KYD is the currency abbreviation 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 well-established offshore financial center. The Cayman Islands dollar comes in denominations of 1, 5, 10, 25, 50, and 100 dollars and coins. The Cayman Islands Monetary Authority manages the currency.

Overview

The Cayman Islands Dollar is pegged to the US Dollar at 1 USD = 0.852747 KYD. The Cayman Islands are a British Overseas Territory located in the western Caribbean Sea, south of Cuba and northwest Jamaica. They are considered part of the Greater Antilles. The territory is composed of the three islands of Grand Cayman, Cayman Brac, and Little Cayman and is one of the leading offshore financial centers in the world.

Economy

  • With an average per capita income of KYD 47,000, the Cayman Islands have the highest living standard in the Caribbean.
  • According to the CIA World Factbook, the Cayman Islands’ per capita GDP is the 14th-highest globally.
  • Their merchant marine fleet includes 123 ships (1,000 GRT or over) totaling 2,402,058 GRT/3,792,094 metric tons deadweight (DWT). The vessels by type are 22 bulk, five cargo, 31 chemical tankers, two containers, one liquefied gas, 21 petroleum tankers, 35 refrigerated cargo, five roll-on/roll-off, and one specialized tanker.
  • Ships from eleven countries register in the Cayman Islands as a flag of convenience, including the following: 15 from Greece, five from the US, five from the UK, two from Cyprus, two from Denmark, and three from Norway (according to a 2002 estimate).

History

  • The Cayman Islands Dollar was introduced in 1972, replacing the Jamaican Dollar at par. The currency of Jamaica remained as legal tender in the Cayman Islands until August 1, 1972.
  • Since April 1, 1974, the Cayman Islands Dollar has been pegged to US Dollar at 1 Cayman Islands Dollar = 1.20 USD.
  • In 1972, 1, 5, 10, and 25 cent coins were introduced. The 1-cent coin was struck in bronze, and the others in cupronickel. Since 1992 copper and nickel-plated steel have replaced bronze and cupronickel.
  • In 1972 the Council of the Cayman Islands introduced banknotes in denominations of 1, 5, 10, and 25 dollars. Forty-dollar bills were introduced in 1981 but were withdrawn from circulation a few years later, followed by 100-dollar banknotes in 1982 and 50-dollar banknotes in 1987.
  • In 1997, the Monetary Authority of the Cayman Islands (CIMA) took over issuing banknotes and issued notes in denominations of 1, 5, 10, 25, 50, and 100 dollars.