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Economy and Banking Sector of Bermuda

National Currency

Bermudian Dollar (BMD)

Since 1970, the official currency of Bermuda is Bermudian dollar (BMD), it is pegged to the United States dollar at a one-to-one ratio: 1 USD = 1 BMD.

Pegged Rate

1 USD = 1 BMD

Main Sectors

Main sectors of the economy of Bermuda are:

  • tourism
  • light manufacturing
  • offshore financial services

Credit Ratings (as of Nov 2020)

Fitch
-
Moody's
A2 (upper medium grade), outlook stable
Scope
-

Bermuda has a sovereign credit rating assigned by Moody's: the rating is A2 (upper medium grade), outlook stable. Scope Ratings, the European rating agency, have not assigned credit ratings to Bermuda.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for November 2020.