Historical Sketch

Christopher Columbus discovered the islands for the Europeans in 1494 and called them Islas de las Tortugas. No systematic colonization occurred in the following centuries, while in 1670, Spain recognized the English claim and ceded the islands together with Jamaica. During the English rule the name Cayman Islands became common. They were administered from Jamaica, the formal recognition as dependency dates to 1863. The Cayman Islands did not follow Jamaica's independence in 1962 and opted to remain a British crown dependency instead. With the 1972 constitution, the islands attained a large degree of internal autonomy.

Monetary History Overview

The Cayman Islands kept the Jamaican currency after the separation of 1962. In 1971, a currency law was passed that established the Cayman Islands Currency Board and introduced the Cayman Islands Dollar as a distinct currency pegged to the British Pound Sterling. The May 1972 changeover was done at par, and the Jamaican banknotes and coins were demonetized within four months. In April 1974, the Cayman currency switched to the US Dollar as anchor currency, and the peg has remained unchanged since then.

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