bermuda dollar
Definition
Noun: 1. The basic unit of money in Bermuda: The Bermuda dollar is the official currency of Bermuda, a British Overseas Territory in the North Atlantic Ocean. It is the standard monetary unit used for all transactions within the country.
Usage
The term "Bermuda dollar" is used to refer to the currency itself, its value, or physical banknotes and coins. - It functions as a countable noun (e.g., dollars) when referring to specific amounts. - It is often symbolized as B$ or BD$ to distinguish it from other dollar-denominated currencies. - Its ISO 4217 currency code is BMD.
Examples
Advanced Usage
- "Bermuda dollar" in financial contexts: The term is used in international finance and foreign exchange markets.
- The stability of the Bermuda dollar is crucial for the island's insurance and reinsurance sectors.
Variants and Related Words
- Bermudian dollar: An alternative, less common name for the same currency.
- Dollar (BMD): The formal financial designation.
- Cent: The subdivision of the Bermuda dollar, where 100 cents equal 1 Bermuda dollar.
Synonyms
- Bermudian currency: A more general term for money used in Bermuda.
- BMD: The official three-letter currency code.
Notes
- The Bermuda dollar is not a freely traded global reserve currency but is essential for Bermuda's local economy.
- While U.S. dollars are also widely accepted in Bermuda, the Bermuda dollar is the official legal tender.
Noun
-
the basic unit of money in Bermuda
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