Interbank lending rates in the UAE fell to multi-year lows yesterday as the dollar-pegged country brings the cost at which banks lend to each other into line with its Gulf neighbours and the United States.
Since August, the UAE Central Bank has undertaken a raft of measures to lower the rates it long said were too high.
The central bank took control of the fixing process earlier this month when participating banks began submitting their daily rates to the central bank.
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