This paper seeks to determine nominal interest rates in five small developing countries - The Bahamas, Barbados, Guyana, Jamaica, and Trinidad and Tobago. The traditional Fisher equation augmented with the US nominal interest rate is employed. Results indicate the existence of a long-run relationship for The Bahamas, Jamaica (when the country’s exchange rate is floating), and Trinidad and Tobago. The Bahamian nominal interest rate moves one-for-one with the US interest rate, while for the others, the movement is greater than one-for-one. Fisher’s relation does not appear to be a suitable framework for determination of nominal interest rates in Barbados and Guyana.