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It is divided into cents. The Bahamian dollar is pegged to the US dollar on a one-to-one basis. The Central Bank of The Bahamas states that it uses reserve requirements , changes in the Bank discount rate and selective credit controls , supplemented by moral suasion , [1] as main instruments of monetary policy. The Central Bank’s objective is to keep stable conditions, including credit, in order to maintain the parity between the US dollar and the Bahamian dollar while allowing economic development to proceed.

Although the US dollar as any other foreign currency is subject to exchange control laws in The Bahamas, the parity between Bahamian dollars and US dollars means that any business will accept either US or Bahamian currency and many of the businesses that serve tourists have extra US dollars on hand for the convenience of American tourists.

To aid in decimalisation , three-dollar bills and fifteen-cent coins were created, as three dollars was roughly equivalent to one pound, and fifteen cents to a shilling, at the time of transition. In , coins were introduced in denominations of 1, 5, 10, 15, 25, 50 cents, 1 and 2 dollars. The 1 cent was struck in nickel-brass, the 5, 10, and 15 cent in cupronickel , the 25 cent in nickel, and the 50 cent and 1 dollar in silver.

The 10 cent was scallop shaped, whilst the 15 cent was square. Silver coins were not issued for circulation after Bronze replaced nickel-brass in the 1 cent in , followed by brass in and copper-plated zinc in In , cupro-nickel 50 cent and 1 dollar coins were issued for circulation, although they did not replace the corresponding banknotes.

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The dollar (sign: $; code: BSD) has been the currency of The Bahamas since It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into cents. of Arms on one side with the words “Commonwealth of The Bahamas” and the date.

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Freeport is a square mile free trade zone on Grand Bahama Island, established in Freeport is the business nucleus of Grand Bahama Island. Under the Hawksbill Creek Agreement Act, businesses in the free trade zone pay no taxes on profits, capital gains, inheritance, income, earnings, distribution, or on exported goods.

Freeport is a popular location for second and vacation homes. West End, another community on Grand Bahama Island, is the site of significant tourist related development. Old Bahama Bay, a small boutique hotel, offers a high-end secluded getaway just 64 miles off the coast of Florida.

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