As US interest rates get primed to rise again Finance Minister Hon. Marco Archer says he will be meeting with local banks to ensure the public is not taken by surprise by any rate changes.
Mr Archer, addressing a Progressives George Town meeting last night (17 May) says rates are set to increase in the US and he does not want Caymanians to be constrained by rate changes without ample notice of any increases.
“That will enable you to know that a month from now, two months from now, three months from now whatever the period may be expect that your mortgage payment will increase by x amount as opposed to you waking up one morning and seeing it in the newspaper,” Mr Archer said.
Mr Archer said the move to meet with the banks is not anti-business, but pro-consumer. An increase in foreclosures has been one of the hot topics on the campaign trail.