Bermudan Dollar

The currency of Bermuda is the Bermuda dollar (BMD), which is on par with the US dollar. The Bermuda dollar is divided into 100 cents. There are both coin and paper denominations of the Bermuda dollar. The coins are 1, 5, 10, 25, and 50 cents, as well as 1 and 2 dollar coins. The paper denominations are 1, 2, 5, 10, 20, and 50 dollar notes. The central bank of Bermuda is the Bermuda Monetary Authority. The Bermuda dollar has been on par with the US dollar since the early 1970s. This peg has been maintained despite some pressure on the currency during the late 1990s and early 2000s. The peg to the US dollar has helped to keep inflation in check and has made Bermuda a popular destination for tourists and businesses. The Bermuda Monetary Authority is responsible for the issuance and regulation of the Bermuda dollar. The Authority also supervises and regulates the banking sector in Bermuda. The Bermuda dollar is used in Bermuda, as well as the British Virgin Islands and the Turks and Caicos Islands. All three of these territories are members of the Eastern Caribbean Currency Union (ECCU), which means that they share a common central bank and currency. The ECCU countries have been working towards greater economic integration, and this has included the introduction of a new banknotes series that is shared by all of the countries in the Union.