Bermudian Dollar (BMD)

Bermuda Dollar Basic Concepts

The Bermuda dollar is the official currency of Bermuda with the currency code BMD and the commonly used symbol BD$. It is pegged to the US dollar at a fixed rate of 1:1 to ensure its value is stable.

Countries and Regions of Use

The Bermuda dollar is only used in the Bermuda Islands. Bermuda is a British Overseas Self-Governing Territory located in the North Atlantic Ocean and is dependent on tourism and financial services.

Currency Units and Denominations

The Bermuda dollar is divided into 100 cents. Coin denominations include 1, 5, 10, 25, 50 cents and $1. Banknotes are available in denominations of 2, 5, 10, 20, 50 and 100, and are often designed to reflect local culture and natural landscapes.

Historical Background

The Bermuda dollar was introduced in 1970 to replace the previously circulating Bermuda pound in order to simplify trade with the U.S. dollar. Its fixed exchange rate policy with the United States dollar has contributed to economic stability and supported local international business and tourism.