What is Cayman Islands Dollar (KYD)?
Cayman Islands Dollar (KYD)
The Cayman Islands Dollar is abbreviated as KYD and is subdivided into 100 cents. It was introduced in 1972, replacing the Jamaican Dollar at par, and has since become a significant currency in the Caribbean region. The currency symbol is often denoted as "CI$" or simply "$" when used in local contexts.
The KYD is a vital part of the local economy, which is heavily reliant on tourism and financial services. As a result, the currency is widely accepted throughout the islands, including in hotels, restaurants, and shops, catering to both locals and tourists. The value of the KYD is pegged to the US Dollar at a rate of approximately 1 KYD to 1.20 USD, providing stability and predictability for international trade and investment.
The Cayman Islands Monetary Authority (CIMA) is responsible for issuing the KYD and ensuring its stability. The banknotes come in denominations of 1, 5, 10, 25, 50, and 100 dollars, each featuring unique designs that reflect the islands' culture and heritage. Coins are available in denominations of 1, 5, 10, 25 cents, and 1 dollar, with their designs also celebrating local wildlife and landmarks.
Due to its robust financial services sector, the KYD is often used in offshore banking and investment transactions, attracting business from around the globe. Despite its small size, the currency has gained a reputation for reliability, making it a preferred choice for many individuals and businesses operating in the region. The local economy's strength and the currency's peg to the USD contribute to its stability and trust among users.