in using the half-pound unit as opposed to the pound as the unit of account when it adopted the decimal system. The choice of the name "dollar" was motivated by the fact that the reduced value of the new unit corresponded more closely to the value of the US dollar than it did to the pound sterling. See also Cayman Islands Monetary Authority Central banks and currencies of the Caribbean Economy of the Cayman Islands References External links Cayman Islands Monetary Authority Circulating currencies Currencies of the Commonwealth of Nations Dollar Economy of the Cayman Islands Fixed exchange rate Currencies of British Overseas Territories Currencies introduced in 1972 Currencies of the Caribbean