FirstCaribbean announces interest rate increase Loop Cayman Islands

The content originally appeared on: News Americas Now

FirstCaribbean informed its customers that “Effective 3 February 2023, CIBC FirstCaribbean will adjust its KYD and USD Prime Rates from 7.50% to 7.75%.”

FirstCaribbean said that the “adjustment is in response to the change in the US Federal Funds rate announced by the Federal Reserve Open Market Committee in the United States on February 1, 2023.”

Other local banks are expected to issue similar advisories to their customers.