With one bound, banks leap free from falling Eibor

Hello, and welcome back to the latest episode of “As the interbank rate turns.”

In our last instalment, regular readers will recall, the Central Bank decided that if banks in the UAE weren’t going to accurately report the interest rate they charge each other for short-term loans, then it would take control of the process itself.

In the past, banks have been trusted to poll each other and compile what is known as the Emirates interbank offered rate, or Eibor.