The Cayman Islands dollar (KYD) is the currency of the Cayman Islands. It is subdivided into 100 cents. The Cayman Islands dollar is pegged to the US dollar at a fixed exchange rate of 1 KYD to 1.20 USD. The Cayman Islands Monetary Authority issues the currency. The Cayman Islands is a major offshore financial center. The stable exchange rate contributes to the stability of its financial sector.