Comprehensive Financial History Report of the British Virgin Islands

Basic Information

• Country ISO Code: VG

• Official Language: English

• Language ISO Code: en

• Current Official Currency: United States Dollar

• Currency ISO Code: USD

Monetary History and Currency

The British Virgin Islands (BVI), a British Overseas Territory, do not have their own independent currency. Instead, the official currency in use is the United States Dollar (USD), which has been the de facto currency for many decades.

• The BVI uses the US dollar as its official currency due to close economic ties and practical considerations, especially given the territory’s reliance on tourism, financial services, and trade with the United States and other countries using the USD.

• The US dollar is widely accepted for all transactions, and no separate BVI currency or local banknotes/coins are issued.

• The ISO 4217 currency code for the US dollar is USD.

Coins and Banknotes

• Since the US dollar is the official currency, all coins and banknotes in circulation are those issued by the United States.

• Denominations include coins of 1, 5, 10, 25, 50 cents, and 1 dollar (coin), and banknotes of $1, $2, $5, $10, $20, $50, and $100.

• There are no distinct British Virgin Islands coins or banknotes.

Economic and Monetary Context

• The use of the US dollar simplifies trade and financial transactions, especially given the BVI’s status as an international financial center and popular tourist destination.

• The territory benefits from the stability and global acceptance of the US dollar, avoiding currency exchange risks and costs.

• Monetary policy and currency issuance are governed by the United States Federal Reserve, not by any local authority in the BVI.

Summary Table

Additional Notes

• The British Virgin Islands do not have a central bank or monetary authority responsible for currency issuance.

• The territory’s financial regulation is managed locally but monetary matters are tied to US monetary policy.

• The use of the US dollar is common among several British Overseas Territories and Caribbean nations due to economic integration and convenience.

This report provides a concise overview of the British Virgin Islands’ monetary system, emphasizing the exclusive use of the US dollar as the official currency and the absence of a local currency issuance.

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