Barbados Dollar

Overview

The Barbados Dollar (BBD) has been the currency of Barbados since 1935. The symbol used for the dollar is the same as the US Dollar ($). However, BDs$ is used to distinguish the BBD from other dollar currencies. The Barbados Dollar is subdivided into 100 cents.

Economy

• The main industries in the economy are tourism and offshore investments.
• Other income is from sugar and light manufacturing.
• The Barbados economy is a service-driven economy, as well as an international business center.
• The average growth rate for the Barbados economy ranges from 3.5% to 5%.
• No substantial exports come from Barbados and the country relies largely on imports.
• Barbados focuses on developing the service sector, from financial services to educational and health services.
• Agriculture is mainly sugar cane farming. The main food crops are corn, sweet potatoes, eddos, yams, and cassava.
• Construction is a secondary industry and is mainly due to tourism and residential growth.

History

• Barbados formed part of the British Caribbean territories. The British Pound Sterling was adopted by Barbados in 1848.
• After the Pound was adopted, the previous silver pieces continued to circulate, especially in the private sector.
• The first dollar form of banknotes was issued in 1882.
• In 1949, the British West Indies dollar was introduced, and Barbados was officially tied in with the British Eastern Caribbean islands.
• In 1965, Barbados replaced the British West Indies Dollar with the Eastern Caribbean Dollar.
• In 1972, the present Dollar was introduced by the Central Bank of Barbados.
• Since 1975, the Barbados Dollar has been pegged to the United States Dollar at 2BDs$ = 1 USD.