The Barbadian dollar (BBD) is the official currency of the Caribbean country of Barbados. The Barbadian dollar's ISO 4217 code is BBD. Six different banks issue the Barbadian dollar. The Barbadian dollar is usually denoted using the dollar sign, $, or alternatively B$ to distinguish it from other dollar-denominated currencies. The currency is often informally called "Bds$" or "Bds". However, in practice, the symbol Bds$ is seldom used in practice.
The Barbadian dollar is pegged to the United States dollar at a one-to-one ratio. The dollar replaced the pound at a rate of 1:2.4 (1 Barbadian dollar = 2.4 old pounds) in 1958, and was itself replaced by the East Caribbean dollar at par in 1971.In 1971, Barbados joined the Organization of Eastern Caribbean States, which established an economic union between Barbados, Dominica, Grenada, Saint Lucia, and Saint Vincent and the Grenadines. The OECS established the Eastern Caribbean dollar (XCD) as a common currency. However, it was not until 8 January 1976 that the monetary union was officially implemented, with banks soldering new coinage for Barbados, Dominica, and Saint Lucia. The OECS dollar was replaced by the East Caribbean dollar, which was backed by the US dollar at a one-to-one ratio, in 1979. At this time, the Barbadian dollar became a distinct currency.
