Section 25Part 3 — Currency
Obligation to deal in United States dollars
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25. (1) The Authority shall, on demand at its head office, issue and redeem Cayman dollars against the currency of the United States of America provided that —
the Authority shall not be required to issue and redeem Cayman dollars of an amount less than such minimum sum as may, from time to time, be prescribed; and
the rate of exchange quoted by the Authority in respect of spot transactions shall not differ by more than such margins on either side of the value of the currency of the Islands established in terms of section 22 as may, from time to time, be prescribed by the Cabinet after consultation with the Authority.
The Authority shall publish or cause to be published, at its offices and at the offices of its agents and representatives, the rates referred to in paragraph (b) of subsection (1) at which it is prepared to deal against the currency of the United States of America with the public. Monetary Authority Law (2020 Revision) Section 26 c Revised as at 31st December, 2019 Page 23
Notwithstanding subsection (2), the Authority may, at its discretion, deal against the currency of the United States of America with local banks at rates different from its published rates.