What is a KYD (Cayman Islands Dollar)
KYD is the abbreviation for the currency of the Cayman Islands.
BREAKING DOWN KYD (Cayman Islands Dollar)
KYD is the abbreviation of the Cayman Islands Dollar, which is the currency that replaced the former island currency of the Jamaican dollars in 1972. The KYD is made up of coins, which were minted by World Coin Corporation, in denominations of 1 cent, 5 cents, 10 cents and 25 cents. The banknote, or paper currency, was originally minted by Thomas De La Rue and Company, in denominations of $1, $5, $10 and $25. KYD has two recognized symbols, $ and CI$.
Since the Jamaican pound was discontinued, and the KYD became the sole circulating currency in the Cayman Islands, more denominations of banknotes have been produced. The British Royal Mint was responsible for minting the currency in $40, $50 and $100 denominations.
In 1974, the 1971 Currency Law was updated to reflect the parity between the KYD and the US Dollar, which is CI $1 = US $1.2. This law is called the 1974 Currency Law and it still stands today.
Since 1997, the Cayman Islands Monetary Authority has been responsible for the issuing of all currency within the Cayman Islands.
The Cayman Islands
The Cayman Islands are a group of island territories belonging to the United Kingdom. Located in the Caribbean Sea, the islands of Grand Cayman, Cayman Brac and Little Cayman make up the island chain. Christopher Columbus initially named the island chain Las Tortugas, due to the number of turtles in the region. The islands are mainly known for their tourist attractions and international financial services, thanks to picturesque beaches and very little regulatory oversight in the banking sector.
The Cayman Islands wrote their constitution into law in 2009, which states that an appointed governor is the head of the state acting on behalf of the monarch. The islands are still represented by the British monarchy.
The capital of the islands is George Town where the Cayman Islands National Museum can be found. There, visitors can learn all about the islands and their histories.
Schooling on the islands is both free and mandatory at a primary level. The islands have three colleges available to residents looking to pursue higher education.
The islands were hit hard by Hurricane Ivan in 2004 and a national disaster was declared. With an economy that relies so heavily on tourism, the resulting damages limited their desirability as a tourist attraction. After a strong effort by the government to repair the damages, the island has regained most of its lost revenues over the ensuing years.