On what date did the Cayman Islands dollar (KYD) become the official currency, replacing the Jamaican dollar?

The Cayman Islands dollar (KYD) officially became the currency of the Cayman Islands on May 1, 1972. This marked a significant financial transition for the islands, as the KYD was introduced to stabilize and strengthen the economy, providing a clearer identity for the developing territory separate from Jamaica, whose dollar had previously been in use. The changeover represented a commitment to promoting the local economy and ensuring that its monetary value was independent, reflecting the islands' growth and aspirations during that period. The shift to the Cayman Islands dollar allowed for tailored economic policies and strengthened the region's financial services sector.