Talk:Cayman Islands dollar

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Untitled

Alright, how many Caymanians do we have around here?

I hope you don't mind me jumping in to help with the formatting - I spotted an anonymous change on Special:Recentchanges and thought you might need a hand. I don't know anything about the topic itself, so I should have left a note here rather than simply removing information. I apologise, and hope you agree with the clarification I have now added - IMSoP 20:29, 15 Feb 2004 (UTC)

Not a problem. It's actually looking pretty good.

There are several Cayman pages that could use some small tweaks. McKeeva Bush isn't the Chief Secretary for instance. He's the "Leader of Gov't Business".

I'll keep playing around with it.

Reason for the rate?

Does anybody know the reason why the KYD was fixed at US$1.227? I imagine there is some logic to why that rate was chosen, and I'd be interested to know it. Sparky132 23:15, 9 May 2007 (UTC)[reply]

Hello Sparky132- I don't know the answer but I have an educated guess, if you'll follow my explanation through some math. The KYD was introduced in 1972 replacing the Jamaican Dollar at Par (1:1), how ever I don't know the month within '72. The Jamaican Dollar in Dec. 1971 at the smithsonian agreement was set at US$1.200. By the time of the 10% devaluation of the US dollar in Feb. 1973 the Jamaican Dollar had reached US$1.303. Since these two both closely bracket both the date (Dec 1971 and Feb 1973 to an unknown month in 1972) and rate (1.200 and 1.303 to 1.227), my guess is that at what ever moment in 1972 that the KYD replaced the Jamaican Dollar the rate at that moment in time was US$1.227 for the Jamaican Dollar to the US Dollar, and since the KYD replaced the Jamaican Dollar at Par (1:1) that 1.227 became the rate and since they chose to peg their currency rather than float, then that remains the rate to this day. Again I don't know for certain but it's just a guess.

wait a minute.... After having gone through all that explanation I just realized something... I thought the rate was 1.20 not 1.227? The Cayman Islands Monetary Authority Website says it is 1.20 as does GFD. Does anyone out there know what the rate is? Gecko G 11:56, 26 August 2007 (UTC)[reply]

Found the web page and fixed the rate. I will also fix highest valued currency unit. --ChoChoPK (球球PK) (talk | contrib) 05:18, 17 September 2007 (UTC)[reply]

This sounds right, most of the British Caribbean territories had currencies stronger than the U.S. dollar... Not just the Cayman Islands but I know my mother says that the Jamaican dollar was way stronger than the Barbados dollar at one time and mind you the Barbados dollar used to be just slightly over the U.S. dollar. It is partly due to the fact that the West Indies Governments backed their currencies using the Gold_standard many have now switched to a peg to the United States dollar. CaribDigita (talk) 04:17, 10 January 2009 (UTC)[reply]

it seems the rate isn't fixed any more [1], the 1.227 or 1.2346 values were probably only snapshots of the floating rate --androl (talk) 17:32, 15 August 2011 (UTC)[reply]

The rate is still fixed regardless of what XE says. However it is peculiar that the CIMA lists it in an old article as 1 = 1.2 when the rate is actually 1 = 1.25. The reason they initially issued a $40 bill was because CI$40 = US$50. It is correct to say it is fixed at a rate of CI$0.80 = US$1.20, but simple mathematics explains that it is then impossible to be 1 = 1.2. I won't edit it, because the article linked backs it up, but it is very much wrong. CI$0.80 = US$1.00 or CI$1.00 = US$1.25.Dobyblue (talk) 02:02, 21 January 2012 (UTC)[reply]

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