Cayman Islands Dollar

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 of 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 $47,000 KYD, 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 in the world.
• 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 number of ships by type are: 22 bulk, 5 cargo, 31 chemical tankers, 2 containers, 1 liquefied gas, 21 petroleum tankers, 35 refrigerated cargo, 5 roll on/roll off, and 1 specialized tanker .
• Ships from eleven countries register in the Cayman Islands as a flag of convenience, including the following: 15 from Greece, 5 from the US, 5 from the UK, 2 from Cyprus, 2 from Denmark, and 3 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 Forty-dollar bills were introduced in 1981, but were withdrawn from circulation a few years later, followed by 100-dollar banknotes in 1982 and 50-dollar banknotes in 1987.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 the issuing of banknotes and issued notes in denominations of 1, 5, 10, 25, 50, and 100 dollars.