Banks Adjust Practices Relating To US Cash

The Cayman Islands Bankers Association (CIBA) has informed the Ministry of Financial Services that banks have adjusted their practices in relation to securing US cash, in order to better service the increased demand that has been caused by the money services businesses' (MSBs) requirement that customers now use US dollars for remittances.

CIBA President Mark McIntyre acknowledged that the banks' adjustments, in relation to the MSBs' decision to only accept US cash, caused some initial disruptions. 'However, now that the banks have made adjustments to their practices, those disruptions largely have been resolved', he said.

In addition, Mr McIntyre said that local banks are continuing as usual to facilitate wire transfers for persons who are sending monies overseas.