What Is the Cayman Islands Dollar (KYD)?

The Cayman Islands Dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory encompassing Grand Cayman, Little Cayman, and Cayman Brac.

As a renowned offshore financial center, the Cayman Islands utilize the Cayman Islands dollar, which is available in denominations of 1, 5, 10, 25, 50, and 100 dollars, along with coins. The currency is managed by the Cayman Islands Monetary Authority.

Key Takeaways

• KYD is the abbreviation for the Cayman Islands Dollar, the official currency of the region.
• The currency is pegged to the U.S. dollar at a fixed exchange rate of KYD $1 = USD $1.20.
• The Cayman Islands dollar is recognized through two symbols: $ and CI$.

Understanding the Cayman Islands Dollar (KYD)

Introduced in 1972 to replace the Jamaican dollar at a 1:1 ratio, the Cayman Islands dollar (KYD) has since become the primary currency of the islands.

The Cayman Islands dollar, abbreviated as KYD, consists of coins minted by the World Coin Corporation in denominations of 1, 5, 10, and 25 cents. Paper currency, produced by Thomas De La Rue and Company, is available in $1, $5, $10, and $25 denominations. The currency is identified by the symbols $ and CI$. Additionally, the British Royal Mint mints higher denominations like $40, $50, and $100.

The 1974 Currency Law established the fixed exchange rate between the KYD and the U.S. dollar, currently set at KYD $1 = USD $1.20. The Cayman Islands Monetary Authority has overseen currency issuance since 1997.

About the Cayman Islands

The Cayman Islands, British territories in the Caribbean Sea, comprise Grand Cayman, Cayman Brac, and Little Cayman. Originally named Las Tortugas by Christopher Columbus due to the abundance of turtles, the islands are renowned for their tourist destinations and financial services sector, boosted by scenic beaches and minimal banking regulations.

Enacted in 2009, the Cayman Islands’ constitution designates an appointed governor as the head of state on behalf of the monarch, maintaining ties to the British monarchy.

George Town serves as the capital, housing the Cayman Islands National Museum for insights into local history. The islands offer tuition-free mandatory primary education and three colleges for higher education.

Despite setbacks like Hurricane Ivan in 2004, the Cayman Islands’ economy, heavily reliant on tourism, rebounded after government efforts to restore infrastructure and revenue streams. The financial services industry contributes significantly to the nation’s economy.

Example of KYD Exchange

The Cayman Islands Dollar (KYD) maintains a fixed exchange rate to the U.S. dollar, where 1 KYD equals 1.20 USD. For instance, if converting $1,000 USD to KYD, the exchange results in 833.60 Cayman dollars ($1,000/1.20).