Interest rates in Cayman are about to go up again, with the island's banks confirming they will follow the US Federal Reserve, which pushed up rates by another quarter of a percent on Wednesday.
There's some temporary respite for homeowners already struggling to cope with rocketing mortgage repayments, however, as local banks have followed through on promises to delay implementing such rate increases for at least 30 days.
This is the first time since the Fed began its exercise of consecutive rate increases that hikes have not been immediately applied locally.
It follows discussions between Premier Wayne Panton and the Bankers Association to ease the pressure being felt by consumers.
Last month, Cayman banks agreed to give a minimum of 30 days notice before passing on any new interest-rate hikes to customers over the next 12 months.
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