Bermudian Dollar
Bermudian Dollar
Currency Code
BMD
ISO 060
Symbol
BMD
Native: $
Decimal Digits
2
Rounding: 0
Countries
BM
Using this currency
Currency Units
Major Unit
Name: dollar
Symbol: $
Minor Unit
Name: cent
Symbol: ¢
Value: 0.01
Banknotes
Frequently Used
$2$5$10$20$50$100
Coins
Frequently Used
1¢5¢10¢25¢$1
Rarely Used
50¢$5
Plural Forms
English Plural
Bermudian dollars
Native Plural
Bermudian Dollars
Overview
The Bermudian Dollar is the currency of Bermuda, pegged to the US dollar at par since 1970. It is managed by the Bermuda Monetary Authority and serves the island's high-income economy.
Economy
- Bermuda is a member of Associated with UK, Various international financial organizations.
- Main industries include: International business, Tourism, Light manufacturing, Construction.
- Imports are clothing, fuels, machinery, transport equipment, construction materials, chemicals, food.
- Major exports include re-exports of pharmaceuticals, tourism services, financial services.
- GDP: $7.5 billion (2023 est.).
- GDP per capita: $117,097 (2023 est.).
- Unemployment rate: 6.1% (2023 est.).
- Inflation rate: 2.7% (2023 est.).
- Main trading partners: United States, South Korea, Turkey, Canada, India, Singapore.
- Trade agreements: Through UK agreements, Bilateral investment treaties.
History
- Previous currencies used: Bermudian pound, Bermudian shilling.
- The Bermudian dollar was introduced in 1970, replacing the Bermudian pound. It has been pegged to the US dollar at par since inception.
- 1970: BMD introduced, replacing Bermudian pound at 2.4:1
- 1970: Peg to USD established at 1:1
- 1974: Bermuda Monetary Authority established
- 1988: International business companies boom
- 2009: Global financial crisis impact on offshore sector
- Exchange rate peg: USD (1970-present) at 1:1 parity.
- Currently pegged to USD at 1 BMD = 1 USD.
General Information
- ISO 4217 Code: BMD
- Symbols: BMD/$
- Currency Subunits: 100 cents
- Central Bank: Bermuda Monetary Authority
- Monetary Policy: Currency board system maintaining USD parity. Focus on financial services regulation and monetary stability.
- Bills: 2 BMD, 5 BMD, 10 BMD, 20 BMD, 50 BMD, 100 BMD
- Coins: 1 cent, 5 cents, 10 cents, 25 cents, 1 dollar
- USD Exchange Rate: 1.00
- Pegged To: USD at 1 BMD = 1 USD
- Capital: Hamilton
- Population: 64,069 (2023 est.)
- Area: 54 km²
- Languages: English (official), Portuguese
- Time Zones: UTC-4 (Atlantic Standard Time)
- Government Type: Parliamentary democracy within British Overseas Territory
- Head of Government: Premier (head of government), Governor (representing British Crown)
- Independence: British Overseas Territory
- Ethnic Groups: African descent 53.8%, White 31%, Mixed 7.5%, Other 7.1%, Unspecified 0.6%
- Religions: Protestant 46.2%, Roman Catholic 14.5%, Jehovah's Witnesses 1.3%, Other Christian 9.1%, Muslim 1%, Other 3.9%, None 17.8%, Unspecified 6.2%
- Literacy Rate: 98% (2005 est.)
- Transport: L.F. Wade International Airport, modern road network, Royal Naval Dockyard cruise ship terminal
- Communications: Advanced telecommunications, 98% internet penetration, comprehensive mobile coverage
- Energy: Fossil fuels 97%, limited renewable energy initiatives, solar projects developing
- Countries Using This Currency: Bermuda
- Data Sources: Central Bank: Bermuda Monetary Authority (bma.bm), Economic Data: Department of Statistics Bermuda, World Bank, Trade Data: Bermuda Customs Department, Demographic Data: Department of Statistics Bermuda, Geographic Data: Bermuda Weather Service, Historical Data: Bermuda Monetary Authority archives
- Last Updated: 2025