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UAE interbank rates rise as central bank introduces new system

UAE central bank introduces new way of calculating EIBOR

 DUBAI: Most United Arab Emirates interbank offered rates (EIBOR) rose on Sunday as the central bank introduced a new way of calculating them, seeking to make the system more transparent and reflect market conditions more accurately.

The three-month rate climbed to 2.43820 percent from 2.38683 percent on Thursday, while the one-year rate jumped to 3.03998 percent from 2.93767 percent.

Only the overnight rate fell, to 1.36775 percent from 1.50500 percent.

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