Bank Exchange Rates for Bahamas
Bank Exchange Rates for the Bahamas - BSD - Bahamian dollar -$. The foreign exchange rates for Bahamas also known as the ISO code BSD or the Bahamian dollar currency and as a symbol $.
Coins which are frequently used in The Bahamas are 1, 5, 10 and 25 cents, whilst the 15 Cent, 50 Cent, 1 dollar, 2 dollar and 5 dollar coins are not commonly used. 1, 2, 5, 10, 20 and 50 dollar banknotes are in circulation and are frequently used in The Bahamas, whilst ½ dollar, 3 Dollar, and 100 dollar banknotes are less frequently used and circulated. Send Money Transfer to Bahamas.
Bank Exchange Rates for Bahamian dollar
The Bahamian Dollar is the official currency for the Bahamas. The symbol for the Bahamian dollar is $, however, B$ is used to differentiate it from the U.S dollar. The Bahamas dollar was introduced in the year 1966. The Bahamas being a British colony, used the British coinage until 1966 when the Bahamian dollar was introduced as a replacement for the British pound. The note denominations which were introduced included 1/2, 1, 3, 5, 10, 20, 50, 100 dollars. The coin denominations which were introduced included the 1, 5, 10, 15, 25 cents and 1 dollar.
Currency Rate for Bahamas
The cent is the Bahamian dollar sub unit in which 100 cents make up 1 dollar. All the coins have the Bahamian Coat of Arms on one side while the reverse side contains images of the Bahamian culture. In 1968, the Bahamas Monetary Authority was responsible for the issuance of paper money for similar denominations. In 1974, the Central Bank of the Bahamas which was instituted took over the issuing of the notes. The Central Bank did not issue the 1/2 and 3 dollar notes which were later reissued in 1984. Each of the notes have a distinct color and a watermark of images of some of the dominant leaders that affected the history of the Bahamas.
Currency Rates for Bahamian dollar
The notes contain security features which include security threads, fluorescent fibers, latent images, holograms and watermarks in order to prevent the production of fake currency. The Bahamian dollar is pegged to the U.S dollar at par. The U.S dollar is subject to exchange control laws as set by the Central Bank of the Bahamas, however, that it has a one to one parity allows businesses to accept it as a currency for exchanges at their convenience. The Central Bank has developed controls through the monetary policy which preserve the Bahamian dollar's pegged value to the U.S dollar. These controls are important in order for the currency to sustain a healthy balance of trade for the country.
GBP to BSD
As is the case with most dollar-based currencies, one Bahamian dollar divides into 100 cents, and a B is used to prefix the dollar sign to distinguish the currency from others of the same name. The Bahamian dollar is tied to the US dollar at a 1:1 ratio and the Central bank of the Bahamas work hard to ensure that this rate remains consistent, by means such as bank discount rate changes and reserves.
The Bahamas used Pounds until 1966 when B$ replaced them at a rate of 7 shillings: 1 dollar. Due to decimalisation and exchange rates, the 15 cent and 3 dollar coins were created, as 15 cent = 1 shilling and 1 pound = $3. Bank Exchange Rates for Bahamian dollar. The foreign exchange rates for Bahamas also known as the ISO code BSD. Send money transfer online with us with the cheapest options.