XCD to BSD

BSD - Bahamian Dollar (BSD)

Bahamian Dollar

The official currency for the Bahamas is the Bahamian Dollar. The $ symbol is used for the Bahamian Dollar; the symbol B$ is used to distinguish it from other Dollar currencies. The Dollar is divided into 100 cents and is pegged to the US Dollar at par.

The Bahamian Dollar is the currency in Bahamas (BS, BHS). The symbol for BSD can be written B$. The Bahamian Dollar is divided into 100 cents. The exchange rate for the Bahamian Dollar was last updated on May 24, 2019 from Yahoo Finance. The BSD conversion factor has 2 significant digits.

Economy

• The Bahamas economy is dependent on the tourism and offshore banking industries.
• The economy in the Bahamas is steady and stable.
• Constructions for hotels and resorts is booming, due to the large influx of tourists.
• The service industry contributes 90% of the total GDP. Agriculture and other industries account for the remainder.
• Top industries in the Bahamas are oil, rum, pharmaceuticals, banking, salt, aragonite, and tourism.
• Unemployment is estimated at 8%.
• Export products are vegetables, fruit, salt, animal products, mineral products, and rum.
• Import products are food, machinery, chemicals, and live animals.
• Agriculture is a small portion of the economy and the country is trying to obtain investors to develop agriculture in the Bahamas.
• Government spending is rated low and equals +/- 23% of the GDP.

History

• In 1966, the Bahamian Dollar replaced the British Pound Sterling and coins were introduced.
• In 1968, the Bahamas monetary authority started issuing paper money.
• In 1974, the Central Bank of the Bahamas became the official supplier of Bahamian banknotes.
• In 2005, the new version of the $10 banknote was introduced.
• Shortly after the release of the $10 banknote, one of the serial numbers was counterfeited. A warning was sent to all bank authorities in the Bahamas to be aware of the counterfeit when accepting $10 bills.
• Businesses in the Bahamas accept both the Bahamian Dollar and the US Dollar.

More information about BSD - Bahamian Dollar (BSD)

XCD - East Caribbean Dollar ($)

East Caribbean Dollar

The East Caribbean dollar is the currency used in eight of the nine nations in the Organisation of Eastern Caribbean States — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Anguilla (UK Territory), and Montserrat (UK Territory). The British Virgin Islands is the only member of the OECS that uses its own currency. The East Caribbean Dollar is designated by EC$ and has been pegged to the US Dollar at US$1 = EC$2.70 since 1976.

The East Caribbean Dollar is the currency in Antigua and Barbuda (AG, ATG), Dominica (DM, DMA), Grenada (GD, GRD), Saint Kitts and Nevis (KN, KNA), Saint Lucia (LC, LCA), and Saint Vincent and the Grenadines (VC, VCT). The symbol for XCD can be written EC$. The East Caribbean Dollar is divided into 100 cents. The exchange rate for the East Caribbean Dollar was last updated on May 24, 2019 from Yahoo Finance. The XCD conversion factor has 2 significant digits.

Economy

• The economies of the OECS member states vary significantly, but most of them rely upon tourism and agriculture to varying extents. Offshore banking also represents a large proportion of the GDP for several of the OECS nations.
• Many of the islands are home to multinational corporations, typically in financial services, who have large offices in a few of the OECS nations to take advantage of low or no taxation.
• As the member states are small island nations, they are heavily reliant upon imports. Exportation is relatively limited, though some of the nations do export agricultural products such as bananas, and cocoa.

History

• Prior to 1965, OECS members were part of the West Indies Federation, using BWI$ as their currency. However many members of the WIF either did not adopt the BWI$. Trinidad and Tobago withdrew from the union in 1964, leading to a lack of support for the BWI$.
• In 1965, the British West Indies Dollar was replaced at par by the East Caribbean Dollar.
• In 1966, British Guiana withdrew from the currency union, and in 1972, Barbados also withdrew from the currency union.
• Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with notes and coins from 1965 from 1981.
• The Eastern Caribbean Central Bank, based in Basseterre, Saint Kitts and Nevis was created by the Eastern Caribbean Central Bank Agreement signed in Port of Spain on July 5, 1983.

More information about XCD - East Caribbean Dollar ($)