BMD (Bermudian Dollar)

DEFINITION of 'BMD (Bermudian Dollar)'

The currency abbreviation or currency symbol for the Bermudian dollar (BMD). The Bermudian dollar is made up of 100 cents, and is often presented with the dollar sign as BD$ to allow it to be distinguished from other currencies denominated in dollars, such as the U.S. dollar (USD).

BREAKING DOWN 'BMD (Bermudian Dollar)'

First introduced in 1970 to replace the Bermudian pound at a rate of 1 Bermudian pound for 100 pence. Given that the exchange rate at the time was 2.40 U.S. dollars = 1 British pound the change made 1 Bermudian pound = 1 U.S. dollar (240 pence to a pound). Since 1970, BMD has remained pegged at parity with the USD.