Interbank offered rates in the United Arab Emirates continued their slide to a fresh seven-year low on Sunday, as liquidity in the OPEC member's banking sector stayed high, also dragging one-year dirham forwards lower.
Bank deposits had risen to their highest level in at least two years in April as the Gulf Arab state enjoyed a safe-haven status amid regional unrest, but dropped again slightly in May.
The benchmark three-month interbank offered rate , based on quotes from a dozen banks, was set at 1.505 percent at Sunday's fixing, the lowest level since June 2004. Before Dubai's debt crisis in November 2009, the rate was 1.915 percent.
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