According to currency conversion data available Wednesday, CI$1 was worth 99 British pence, a roughly one-to-one ratio.
With the U.K. pound falling sharply twice since the June 23 vote to separate from the European Union, Cayman Islands currency is now worth almost as much as the Mother Country’s.
The Brexit vote sent the U.K. pound to its lowest levels against the U.S. dollar since 1985.According to currency conversion data available Wednesday, CI$1 was worth 99 British pence, a roughly one-to-one ratio. The Cayman Islands dollar is pegged to U.S. currency, not the U.K.’s.
Cayman Islands London Office chief Eric Bush said the U.K. currency appeared to rallying on Wednesday, but that local officials were bracing for a “further blow” if Prime Minister Theresa May invokes Article 50, the formal, legal separation from the EU.
In a speech to the Chamber of Commerce in Cayman Wednesday, Premier Alden McLaughlin noted that the territory was “watching the evolution of Brexit” and was optimistic that “in the sea of uncertainty that is Brexit, the Cayman Islands is an increasingly attractive place to live, work, invest and do business.”