Bahamian Dollar

Overview

The official currency for the Bahamas is the Bahamian Dollar. The $ symbol is used for the Bahamian Dollar; the symbol B$ is used to distinguish it from other Dollar currencies. The Dollar is divided into 100 cents and is pegged to the US Dollar at par.

Economy

• The Bahamas economy is dependent on the tourism and offshore banking industries.
• The economy in the Bahamas is steady and stable.
• Constructions for hotels and resorts is booming, due to the large influx of tourists.
• The service industry contributes 90% of the total GDP. Agriculture and other industries account for the remainder.
• Top industries in the Bahamas are oil, rum, pharmaceuticals, banking, salt, aragonite, and tourism.
• Unemployment is estimated at 8%.
• Export products are vegetables, fruit, salt, animal products, mineral products, and rum.
• Import products are food, machinery, chemicals, and live animals.
• Agriculture is a small portion of the economy and the country is trying to obtain investors to develop agriculture in the Bahamas.
• Government spending is rated low and equals +/- 23% of the GDP.

History

• In 1966, the Bahamian Dollar replaced the British Pound Sterling and coins were introduced.
• In 1968, the Bahamas monetary authority started issuing paper money.
• In 1974, the Central Bank of the Bahamas became the official supplier of Bahamian banknotes.
• In 2005, the new version of the $10 banknote was introduced.
• Shortly after the release of the $10 banknote, one of the serial numbers was counterfeited. A warning was sent to all bank authorities in the Bahamas to be aware of the counterfeit when accepting $10 bills.
• Businesses in the Bahamas accept both the Bahamian Dollar and the US Dollar.