The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board.[2]
The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
It is a corporation created pursuant to the Cayman Islands Monetary Authority Law (2013 Revision).[3]
History
The Monetary Authority replaced the Cayman Islands Currency Board, which was established by the Currency Law of 1971 and started operations on 1972-5-1.[4] The Currency Board allowed the Cayman Islands to have their own currency, with the Cayman Islands dollar replacing the Jamaican dollar that had been previously in use.[5]