UAE central bank to launch new EIBOR system next month- banker | ZAWYA MENA Edition:
"The United Arab Emirates central bank will next month launch a new way of setting Emirates Interbank Offered Rates (EIBOR), helping to make the system more accurate and transparent, a senior banking industry official told reporters on Monday. "We have taken benchmark banks to tell us what is the actual cost of deposit and the incremental cost of deposit that will become the interbank rate for the UAE," said Abdulaziz al-Ghurair, chairman of the UAE Banks Federation. EIBOR rates, used in many UAE financial transactions, are calculated daily by a panel of 10 banks for maturities ranging from overnight to one year."
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