Jennifer Dilbert, the Managing Director of the Cayman Islands Monetary Authority, this week spoke out against rumours that the jurisdiction's currency is set to be devalued.
'This rumour has surfaced in the absence of any economic rationale for such a change,' she argued, explaining that: 'There is no intention to devalue the Cayman Islands currency. Under the currency board system which has been in place since 1971, the amount of local currency in circulation is backed 100% by a holding of reserves denominated in US dollars.'
She added that the currency board system in place in the Cayman Islands is the strictest form of monetary discipline which can be employed by a country, and stated that: 'We hope that this type of unwarranted speculation does not persist as it presents a negative image of the monetary regime of the Cayman Islands.'
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