Tag: Cayman Islands Monetary Authority
Why haven’t interest rates decreased?
Why is it that within days of the Fed increasing interest rates the local banks are notifying us that their rates will increase yet it’s been about a month since the Fed announced a decrease (of 0.25 percentage points to 5.25%) and we haven’t heard anything? Can we expect a decrease? Auntie’s answer: I contacted […]
CIMA to host financial services student mixer
The Cayman Islands Monetary Authority is hosting a student mixer on Friday, 2 August at the Marriott Beach Resort from 3:00 pm to 5:00 pm. This interactive platform will give college bound students (ages 16 – 25) a chance to meet potential employers, learn about the importance of the financial services industry and how it […]
Can banks charge stamp duty for debit card purchases?
Do banks in the Cayman Islands charge their customers stamp duty on point of sale (POS) transactions purchased via debit card? Where in the Stamp Duty Law does it allow this? Auntie’s answer: I will answer your second question first since that is more straightforward. Section 3.1 of the Stamp Duty Law says, “There shall […]
New release of Coat of Arms coin
(CNS Local Life): Due to “overwhelming demand” of a silver $5 commemorative coin released last year by the Cayman Islands Monetary Authority (CIMA) to mark the 60th anniversary of the Cayman Islands Coat of Arms, a second mintage has been approved. The coin, produced in collaboration with Celebrate Cayman, sold out within 36 hours of […]
CIMA hires its scholarship recipient
(CNS Local Life): Ashleigh Powell, Cayman Islands Monetary Authority (CIMA) scholarship recipient, has completed her university studies and returned to Cayman to take up a job as a network administrator in the authority’s information systems division. Graduating from the University of Texas at San Antonio with a bachelor of business administration degree in cyber security, […]
Non-account holder unable to cash cheque
I went to a bank in Cayman to cash a cheque issued by a local insurance company from an account at the same bank. The cheque was refused and I was told I had to present it at my own bank. Is this correct procedure? What about people who don’t have a bank account?! Auntie’s […]
Who controls fees banks can charge consumers?
I would like to know who has authority and oversight of the fees charged by the banks in Cayman. I suggest that you ask your readers about their experiences. Auntie’s answer: I have not met anyone who is happy about the fees their bank charges. My particular pet peeve is being charged to withdraw cash […]
Interns gain work experience at CIMA
(CNS): A group of young Caymanians have spent the summer as interns at the Cayman Islands Monetary Authority (CIMA) under an initiative aiming to provide career-development opportunities to students looking to gain work experience. The authority has also awarded scholarships to two students seeking to further their education in the finance and business fields.
Silver coin celebrates National Museum’s 25th year
(CNS): To mark the 25th anniversary of the Cayman Islands National Museum, the Cayman Islands Monetary Authority (CIMA) is launching a commemorative silver coin today (20 November). The official launch will take place at the museum from 6pm-8pm, during a preview session for their anniversary exhibition.
