23/06/2016: Brexit Referendum
The United Kingdom voted to leave the European Union, causing significant uncertainty and volatility in the pound sterling's value.
01/01/2010: Removal of 1 cent coin from circulation
Due to its low purchasing power and production costs, the 1 cent coin was withdrawn from circulation in the Cayman Islands.
01/11/2007: Transition from Crown Dependencies to Overseas Countries and Territories
The Cayman Islands, including its currency, transitioned from being labeled as a Crown Dependency to an Overseas Country and Territory.
01/01/2001: Issuance of New Banknotes and Coins
New banknotes and coins with enhanced security features were introduced to combat counterfeiting.
31/12/1999: Establishment of the Euro
The euro was introduced as an electronic currency, paving the way for the eventual replacement of some national currencies, including the pound.
01/01/1999: Introduction of Cayman Islands Currency Law
The Cayman Islands Currency Law was enacted to provide a legal framework for the issuance and regulation of the currency.
01/07/1997: Pegging of the Cayman Islands Dollar to the US Dollar
The Cayman Islands dollar was pegged to the US dollar at a fixed exchange rate of KYD 1.00 = USD 1.20.
16/09/1992: Black Wednesday
The pound sterling experienced a severe drop in value and the UK was forced to withdraw from the European Exchange Rate Mechanism (ERM).
07/11/1974: Creation of the Cayman Islands Monetary Authority
The Cayman Islands Monetary Authority was established as the central bank responsible for regulating the currency and financial institutions.
01/01/1972: Introduction of Cayman Islands Dollar
The Cayman Islands dollar was first introduced as the official currency, replacing the Jamaican dollar.
14/02/1971: Decimalization of the Pound
The pound sterling was decimalized, with the old system of pounds, shillings and pence replaced by a decimal currency.
06/12/1921: Currency Separation with Ireland
Following the Anglo-Irish Treaty, Ireland left the United Kingdom and established its own currency, leading to separate pound sterling notes.
21/12/1816: Gold Standard Introduced
The pound sterling was officially placed on the gold standard, meaning it was backed by a fixed amount of gold.
27/07/1694: Bank of England Established
The Bank of England was founded and granted a royal charter, becoming the central bank of England.