Cayman Islands banks lower interest rates on mortgages and loans following U.S. Fed’s rate cut

In the Cayman Islands, local banks have cut interest rates on mortgages and loans following Wednesday's move by the US Federal Reserve, which should make borrowing cheaper.

The US central bank said it was lowering rates for the first time in four years by half a percentage point, to reduce inflation while keeping unemployment in check.

Butterfield Bank in Cayman said it was following suit by cutting its interest rates for residential mortgages, consumer loans, and corporate loans to 8 per cent from today.

Cayman National Bank also announced that it was cutting interest rates on lending to 8 per cent from today.