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Cayman Islands - Currency and Cost of Living


Residents of Cayman enjoy one of the highest standards of living in the world, and importation of 90 per cent of consumer products and food - along with a government duty on imports - contributes to a cost of living that is about 20 per cent higher than that of the USA. Wages are generally higher out of an acknowledgement of the higher cost of living. The official currency of the Cayman Islands is the Cayman Island Dollar (denoted CI$) and one US dollar buys about 80-82 cents worth of Cayman dollars. Any currency (or gold) can be transferred. The US dollar, with a fixed rate of exchange, is widely quoted in local commerce and in the Cayman financial markets.

Rent is one of the highest expenses, and real estate tends to be pricey because the Caymans are popular and location drives up the cost of real estate in any market. Inflation averages about 2.7 per cent. A loaf of bread costs about CI $2.15 and regular beer costs about CI $36 per case, but prices of all goods are subject to change due to the cost of transportation to the Caymans, and this is especially true with building and construction materials.


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