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A meeting was held at the UAE Central Bank and attended by a select of local and foreign banks operating in the UAE to discuss the establishment of an Emirates Interbank Offered Rates (EIBOR) under the aegis of the Central Bank.
’The participating banks supported the idea and showed their commitment to taking part in this national exercise. The objective behind the initiative of the Central Bank is twofold - primarily to set up an official benchmark for Dirham offered rate and, secondly, to facilitate a process whereby the rates fixed are a fair representation of the prevailing market conditions. The rates should also reflect the strength of the domestic banking system, said a press release issued by the Central Bank today.
The Central Bank will carry on further discussions regarding the implementation of the project with the panel of selected banks.
’Once the participating banks and the Central Bank have formalised the regime for EIBOR fixings, the Central Bank will release relevant details, which will provide full transparency in this respect.
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