Cayman Islands Monetary Authority
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| Central bank of | Cayman Islands |
|---|---|
| Headquarters | Grand Cayman, Cayman Islands |
| Established | January 1, 1997 |
| Chairman [1] | Grant Stein |
| Currency | Cayman Islands dollar KYD (ISO 4217) |
| Website | www |
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board.[2]
The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
It is a corporation created pursuant to the Cayman Islands Monetary Authority Law (2013 Revision).[3]
History
The Monetary Authority replaced the Cayman Islands Currency Board, which was established by the Currency Law of 1971 and started operations on 1 May 1972.[4] The Currency Board allowed the Cayman Islands to have their own currency, with the Cayman Islands dollar replacing the Jamaican dollar that had been previously in use.[5] The Currency Board was reorganized as CIMA in 1996.[6]
Regulatory framework
- Banks and lenders
- Offshore banks
- Funds and segregated portfolio companies
- Payment processing services
- Credit unions
See also
- Cayman Islands dollar
- Economy of the Cayman Islands
- Central banks and currencies of the Caribbean
- Currencies of the British West Indies
- Securities Commission
- List of central banks
- List of financial supervisory authorities by country
References
- ^ "CIMA website - Structure and Governance". Archived from the original on 16 July 2011. Retrieved 26 March 2010.
- ^ Cindy Scotland (7 July 2014). "The Cayman Islands Financial Services Regulatory Framework". Mondaq.
- ^ Cayman Islands Monetary Authority Law (Revised), section 5(1): "There is established an Authority to be called the Cayman Islands Monetary Authority which shall be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in its corporate name."
- ^ "Currency". Cayman Islands Monetary Authority. Retrieved 26 May 2025.
- ^ "25th Anniversary of the Cayman Islands Currency Board (Silver)". Cayman Islands Monetary Authority. Retrieved 26 May 2025.
- ^ Edward Li (2016), The Cayman Islands Currency Board and the Cayman Islands Monetary Authority, Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise