The official currency for the Bahamas is the Bahamian Dollar. The $ symbol is used for the Bahamian Dollar; the symbol B$ is used to distinguish it from other Dollar currencies. The Dollar is divided into 100 cents and is pegged to the US Dollar at par.
Economy
The Bahamas economy is dependent on the tourism and offshore banking industries.
The economy in the Bahamas is steady and stable.
Constructions for hotels and resorts is booming, due to the large influx of tourists.
The service industry contributes 90% of the total GDP. Agriculture and other industries account for the remainder.
Top industries in the Bahamas are oil, rum, pharmaceuticals, banking, salt, aragonite, and tourism.
Unemployment is estimated at 8%.
Export products are vegetables, fruit, salt, animal products, mineral products, and rum.
Import products are food, machinery, chemicals, and live animals.
Agriculture is a small portion of the economy and the country is trying to obtain investors to develop agriculture in the Bahamas.
Government spending is rated low and equals +/- 23% of the GDP.
History
In 1966, the Bahamian Dollar replaced the British Pound Sterling and coins were introduced.
In 1968, the Bahamas monetary authority started issuing paper money.
In 1974, the Central Bank of the Bahamas became the official supplier of Bahamian banknotes.
In 2005, the new version of the $10 banknote was introduced.
Shortly after the release of the $10 banknote, one of the serial numbers was counterfeited. A warning was sent to all bank authorities in the Bahamas to be aware of the counterfeit when accepting $10 bills.
Businesses in the Bahamas accept both the Bahamian Dollar and the US Dollar.
