Exchange your Cayman Island Dollars
Do you have leftover Cayman Islands Dollars? We offer a fast and easy way to exchange both current and withdrawn Cayman Islands Dollar banknotes and coins. Convert them into your local currency today with our quick and hassle-free exchange service.
$ - KYD
The Cayman Islands Dollar has been the official currency of the Cayman Islands since 1972 and remains stable, pegged to the U.S. Dollar.
Cayman Island Dollars Information
The Cayman Islands Dollar (KYD) is the official currency of the Cayman Islands, a British Overseas Territory located in the western Caribbean Sea. The currency was introduced in 1972, replacing the Jamaican Dollar, which had been in use until that time. Since its introduction, the Cayman Islands Dollar has served as a stable and widely trusted currency, reflecting the islands’ position as a global financial hub. The Cayman Islands is known for its offshore financial services industry.
The Cayman Islands Dollar is subdivided into 100 cents, and the currency is issued in both coins and banknotes. Cayman Islands coins are minted in denominations of 1, 5, 10, and 25 cents, while banknotes are issued in denominations of 1, 5, 10, 25, 50, and 100 dollars. The designs of the Cayman Islands Dollar banknotes feature notable landmarks, images of Queen Elizabeth II, and symbols of the island’s rich natural heritage, including marine life and local flora.
One of the key factors contributing to the stability of the Cayman Islands Dollar is its peg to the U.S. Dollar. The Cayman Islands Dollar is pegged at a fixed exchange rate of 1 KYD to 1.20 USD. This peg ensures stability and confidence in the currency, particularly given the Cayman Islands’ close economic ties to the United States. Many transactions in the Cayman Islands are conducted in both Cayman Islands Dollars and U.S. Dollars, making it easy for tourists and international businesses to operate in the country.
The Cayman Islands is a small but prosperous territory with one of the highest GDPs per capita in the world. The local economy is heavily dependent on financial services, with the islands being home to thousands of banks, investment firms, and insurance companies. The strength and stability of the Cayman Islands Dollar have played a key role in maintaining the island’s reputation as a leading financial centre. In addition to financial services, tourism is another major contributor to the islands’ economy.
The Cayman Islands Monetary Authority (CIMA) is responsible for issuing the Cayman Islands Dollar and managing the territory’s monetary policy. CIMA plays a crucial role in maintaining the currency’s stability and overseeing the regulation of the financial services sector. The authority ensures that the currency remains fully backed by foreign reserves, primarily in U.S. Dollars, which provides further confidence in its value.
The Cayman Islands’ strong economic foundation, combined with prudent fiscal management, has helped the Cayman Islands Dollar remain stable despite global economic fluctuations. The currency’s peg to the U.S. Dollar provides additional security, making it a preferred currency for international investors and businesses operating in the Caribbean region. The Cayman Islands Dollar continues to be widely used for both everyday transactions and larger financial operations, contributing to the island’s economic success.
In conclusion, the Cayman Islands Dollar has been the official currency of the Cayman Islands since 1972. It remains a stable and reliable currency, closely tied to the U.S. Dollar and reflecting the islands’ role as a major global financial centre.