UAE Central Bank to launch new EIBOR system next month
The UAE Central Bank will launch a new way of setting EIBOR next month, helping to make the system more accurate and transparent, according to Abdulaziz al-Ghurair, chairman of the UAE Banks Federation. EIBOR rates are calculated daily by a panel of 10 banks for maturities ranging from overnight to one year. The central bank has been examining ways to make the system operate more closely in line with market conditions and more transparently. The changes were originally expected to be introduced in January but the announcement was delayed, local bankers said previously. Al-Ghurair said the new mechanism would include a panel of around eight banks, and the system would be audited by an external auditor to ensure it was transparent. The system will be reviewed monthly.
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