A worrying example
In 1969, when Bermuda changed from pound sterling to Bermuda dollars, the exchange rate with the US dollar was on par, ie, one Bermuda dollar equalled one US dollar.
The exchange rate in Jamaica in 1969 was 1.20 Jamaican dollars for one US dollar.
Today, one Bermuda dollar equals one US dollar.
In Jamaica, 153.53 Jamaican dollars equal one US dollar.
What will happen to the Bermuda dollar should we no longer be Britain’s oldest self-governing overseas territory? Just a thought!