BMD to UYU

BMD - Bermudan Dollar (BMD)

Bermudan Dollar

Bermuda’s official currency is the Bermudian Dollar (BMD). The symbol used for the Bermudian Dollar is the same as the US Dollar ($). The country also uses BD$ to distinguish the Bermudian Dollar from the USD. The Dollar is divided into 100 cents. No trading of the Bermudian Dollar is done outside the island of Bermuda.

The Bermuda Dollar is the currency in Bermuda (BM, BMU). The symbol for BMD can be written Bd$. The Bermuda Dollar is divided into 100 cents. The exchange rate for the Bermuda Dollar was last updated on Today from The International Monetary Fund. The BMD conversion factor has 6 significant digits.

Economy

• Bermuda’s economy is stable and the country has a high capita per income compared to the rest of the world.
• The tourist industry accounts for 28% of the GDP and mainly receives business from North America. The service industry accounts for 89% of the total GDP.
• International Business accounts for 60% of the economic output of Bermuda.
• Bermuda imports 80% of its food products.
• The island is also an offshore financial institution.
• The unemployment rate is estimated at 2.1%.
• The main export product is pharmaceuticals.
• Import products are food, construction material, machinery, live animals, clothing, and fuels.

History

• Like its Caribbean neighbors, Bermuda used the Spanish Dollar for over four decades.
• In 1842, the Sterling became the official currency of Bermuda.
• During the 1850s the Spanish Dollar was taken out of circulation; however, it was put back into circulation in 1870s.
• In 1876, legislation was enacted to prevent the Spanish Dollar from returning.
• Until 1970, the Bermuda Sterling was the official currency of Bermuda.
• Bermuda introduced the Dollar in 1970 but kept the Sterling. At that point the Sterling and Dollar had a fixed exchange rate of $2.40 = £ 1.
• In 1972, the Sterling era ended and Bermuda pegged its dollar to the US Dollar at par.
• Control over the Sterling was abolished in 1979.

More information about BMD - Bermudan Dollar (BMD)

UYU - Uruguayan Peso ($U)

Uruguayan Peso

The Uruguayan Peso is the official currency of Uruguay. The name has been in use since the European settlement. The present currency was adopted in 1993 and is subdivided into 100 centésimos.

The Uruguayan peso is the currency in Uruguay (UY, URY). The symbol for UYU can be written $U. The Uruguayan peso is divided into 100 centesimos. The exchange rate for the Uruguayan peso was last updated on May 22, 2019 from The International Monetary Fund. The UYU conversion factor has 6 significant digits.

Economy

• The economy of Uruguay is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending.
• In 1603, cattle were introduced in Uruguay before its independence by Hernando Arias de Saveedra, the Spanish Governor of Buenos Aires. In 2006, beef accounted for about 37% of Uruguayan exports.
• Wool is a traditional product exported mainly to America, followed by the UK and India.
• Conaprole, the National Cooperative of Milk Producers, was the main exporter of dairy products in Latin America in 2006.
• Fine varieties of rice are produced in the eastern lowlands, close to Merin lake on the Uruguay-Brazil border.

History

• In 1828, Uruguay's currency was based on the silver Peso of eight reales, commonly known as the Patacon, and the gold onza de oro, valued at 16 pesos silver. A large quantity of debased copper coin also circulated.
• In October, 1828, lacking the means to implement a national coinage, Gen. Jose Rondeau’s provisional government permitted foreign silver and gold coin to circulate freely at their intrinsic value, but restricted and later (1829) prohibited the importing of copper coins and the circulation of Buenos Aires banknotes.
• A key characteristic of the currency is its instability, which increased in the spring of 2002.
• Uruguayans have become accustomed to the constant devaluation and instability of their currency, and have developed a fitting lingo – calling periods of Dollar appreciation atraso cambiario ("the exchange rate is running late").

More information about UYU - Uruguayan Peso ($U)