CLASS ASSIGNMENT

ABF 202
SUBMITTED BY :
VANSHIKA JAIN
SUBMITTED TO :
B.COM (P)
MS. IRA SAXENA
IISU/2021/ADM/33119
 CAYMAN

ISLAND

$ DOLLAR $
CAYM
A N IS L
AND
S
 CAYMAN
ISLANDS
• The Cayman Islands is a self-governing British Overseas Territory, the
largest by population, in the western Caribbean Sea.
• The 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.
• 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 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.
CAYMAN ISLANDS DOLLAR
• The Cayman Islands Dollar (currency code KYD) is the currency of the Cayman
Islands. It is abbreviated with the dollar sign $, or alternatively CI$ to distinguish it
from other dollar-denominated currencies. It is subdivided into 100 cents.

• The Cayman Islands are a well-established offshore financial center. The Cayman
Islands dollar comes in denominations of 1, 5, 10, 25, 50, and 100 dollars as well
as coins. The Cayman Islands Monetary Authority manages the currency.
 HISTORY
The Cayman Islands dollar was introduced in 1972 , replacing the Jamaican dollar at par.
Jamaican currency and Cayman Islands dollars both remained legal tender until 1 August 1972 ,
when Jamaican currency ceased to be legal tender. The Cayman Islands dollar has been pegged
to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974,
when the Currency Law of 1974 was enacted.

COINS
In 1972, coins in denominations of 1¢, 5¢, 10¢ and 25¢ were introduced. The
1¢ was struck in bronze, with the other denominations in cupronickel. From
1992, copper and nickel-plated steel replaced bronze and cupronickel,
respectively.

BANKNOTES
On 1 May 1972, the Cayman Islands Currency Board introduced notes in denominations of 1, 5, 10 and
25 dollars. 40 dollar notes were introduced in 1981 but were taken out of circulation a few years later,
followed by 100 dollars in 1982 and 50 dollars in 1987. On 1 January 1997, the Cayman Islands
Monetary Authority (CIMA) took over issuance of paper money, issuing notes for 1, 5, 10, 25, 50 and 100
dollars. The current series of notes was issued on 4 April 2011.
EXCHANGE RATE BETWEEN
CAYMAN ISLANDS DOLLAR
AND INDIAN RUPEE

Sunday 6 February 2022

1 KYD = 89.537 INR
Sunday 6 February 2022
₹1 INR = $0.0112
 INTERESTING FACTS ABOUT CAYMAN
Value against the US$ and UK £CURRENCY
Where are the notes printed?
The Currency Law of 1974 pegged the CI dollar at 20 percent higher than
the US dollar: CI$1=US$1.20 and US$1=CI$0.80. The CI dollar is 19%
lower than Sterling. Commercially, a .82 exchange rate is used for salary
payments and business transactions.
Coin features
All coins bear a portrait of HM Queen Elizabeth II. The 25-cent coin
has a picture of a two-masted Cayman schooner. The 10-cent coin
features a hawksbill turtle. The 5-cent coin has a picture of a
crayfish. The 1-cent coin features a thrush bird on a tree branch.
Cayman banknotes are printed in the UK by Thomas De La Rue and Company
Limited, the world's largest commercial currency printer and papermaker. De La Rue
is involved in the production of more than 150 currencies including those of
Venezuela, Scotland and Bermuda. The Cayman dollar is the highest valued dollar
unit in the world.
Banknote denominations
The first local currency was issued in 1971. Banknotes at that time had only
four denominations: $25, $10, $5 and $1. In 1981, two new denominations
were issued: $100 and $40. The $50 note was issued in 1985 and since then
the $40 bill has been withdrawn.
thank you