Abu Dhabi - Mubasher: The interest rates charged by Emirates inter-bank offered rate (EIBOR) have continued to increase by 1% to 5.9% since the beginning of November, Emirates News Agency (WAM) reported.
This comes after the UAE Central Bank raised its interest rates during the first 10 months of 2017 following a similar move by the US Federal Reserve.
The highest EIBOR hike was recorded by UAE banks for interbank transactions on a yearly basis.
The continual increase in EIBOR has encouraged banks to invest their surplus funds in this key investment vehicle in order to secure largest possible gains, as per market analysts surveyed by WAM.
The one-year EIBOR has increased since the beginning of this month from 221 points to 234 points on Sunday, a growth of around, 5.9%, while the six-month EIBOR jumped from 181 points to 189 points, a hike of 4.4%.
The three-month EIBOR likewise grew by 4.4% from 157 points in early November to 164 today, while one-month rates were up 1.5% from 131 to 133 points.
