Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2

KYD (Cayman Islands Dollar): Meaning, History, Example

File Photo: KYD (Cayman Islands Dollar): Meaning, History, Example
File Photo: KYD (Cayman Islands Dollar): Meaning, History, Example File Photo: KYD (Cayman Islands Dollar): Meaning, History, Example

What is the KYD or Cayman Islands Dollar?

The Cayman Islands dollar, or KYD, is the currency of the Cayman Islands. Its currency sign is KYD. The Cayman Islands, comprising Grand Cayman, Little Cayman, and Cayman Brac, are a group of British overseas territories.

Historically, the Cayman Islands have served as a prominent offshore financial hub. The Cayman Islands dollar is available in coins and denominations of 1, 5, 10, 25, 50, and 100 dollars. The Cayman Islands Monetary Authority does currency management.

A Brief Overview of the Cayman Islands Dollar (KYD)

First used in 1972, the Cayman Islands dollar was a one-to-one replacement for the Jamaican dollar. Before the discontinuation of the Jamaican currency in 1972, both Cayman Island and Jamaican currencies were in use.

The Cayman Islands Dollar, also known by its acronym KYD, replaced the Jamaican dollar as the primary island currency in 1972. Coins struck by the World Coin Corporation are in the following denominations: 1 cent, 5 cents, 10 cents, and 25 cents. They make up the KYD in circulation. In the beginning, Thomas De La Rue and Company produced banknotes, or paper money, in the following denominations: $1, $5, $10, and $25. $ and CI$ are the two recognized symbols for the KYD. The money in denominations of $40, $50, and $100 was minted at the British Royal Mint.

The 1971 Currency Law was revised in 1974 to consider the parity of the KYD and the US Dollar, which is $1 = US $1.20. This statute, which is still in effect today, is known as the 1974 Currency Law. All money issued in the Cayman Islands has been under the control of the Cayman Islands Monetary Authority since 1997.

About the Islands of Cayman

The United Kingdom owns a collection of island territories known as the Cayman Islands. The island chain comprises the Caribbean Sea islands of Grand Cayman, Cayman Brac, and Little Cayman. The abundance of turtles in the area led Christopher Columbus to initially call the series of islands Las Tortugas. With their gorgeous beaches and no governmental control over the banking industry, the islands are mostly recognized for their tourist attractions and global financial services.

The Cayman Islands ratified its constitution in 2009, designating an appointed governor as the head of state, representing the monarch. The British monarchy still has authority over the islands.

George Town, the island nation’s capital, is home to the Cayman Islands National Museum. All the information regarding the islands’ histories can be found there for visitors. On the islands, elementary education is required and provided free of charge. The islands offer three colleges for those wishing to continue their education after high school.

A national disaster was declared after Hurricane Ivan devastated the islands in 2004. Its economy is so dependent on tourism that the resulting damages have reduced its appeal as a travel destination. The island has recovered most of its lost income over the following years, thanks to a concerted effort by the government to restore the losses.

A case study of KYD exchange

One Cayman dollar is worth 1.20 US dollars due to the KYD’s peg to the US currency. For illustration purposes, suppose you needed to convert $1,000 to KYD and were sending a wire transfer to the Cayman Islands. 833.60 Cayman dollars ($1,000/1.20) would be the outcome of the exchange.

You May Also Like

File Photo: Keynesian Put

Keynesian Put

3 min read

What Is a Put (Keynesian)? Investors who believe that fiscal stimulus measures will soon benefit the financial markets in general and a particular investment, in particular, hold a Keynesian put, whic...  Read more

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok