Bermuda Dollar (BMD)
Tue, Apr 15What is Bermudian Dollar?
The Bermudian dollar (BMD) serves as the official Bermuda currency, a British overseas territory situated in the North Atlantic Ocean. It has been the country's official currency since 1970, when it took the place of the Bermudian pound.
The Bermudian dollar is divided into 100 cents and is represented by the "$" symbol, or occasionally by the abbreviation "BMD." It is pegged to the US dollar at a fixed exchange rate of 1 BMD = 1 USD. This peg means that the value of the Bermudian dollar is directly linked to the US dollar, and any fluctuations in the US dollar's value can impact the purchasing power of the Bermudian dollar.
Background of Bermuda Currency
The Bermuda Monetary Authority oversees the management of monetary policy and the issuance of currency in Bermuda. The economy of Bermuda is primarily driven by the insurance and financial services sectors, and changes in these industries can influence the value of the Bermudian dollar.
Summary
The Bermudian dollar is widely accepted across Bermuda, and US dollars are also frequently used. Visitors to Bermuda can typically exchange their foreign currency for Bermudian dollars at banks, exchange bureaus, and various hotels and resorts.
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