Abu Dhabi: Inter-bank interest rates have dropped considerably since the Central Bank launched the swap facilities (US dollar/UAE dirham) last month, the UAE Central Bank has announced.
In a statement issued yesterday, the Central Bank said although the drop was more obvious in short-term interest rates (one month), long-term (2 to 12 months) interest rates also saw some decline.
The statement said that the one-month interest rate dropped from 4.71 per cent at the end of October to 4.4 per cent by the end of December and fell further to 3.8250 per cent on January 7.
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