Abu Dhabi – Mubasher: The one-year Emirates Interbank Offered Rates (EIBOR) declined 1.14% to 3.24% on Sunday, compared to 3.27% at the end of last week, according to a report released by the Central Bank of the UAE (CBUAE).
This is an expected result to the increase in banks’ demand on the UAE currency to carry out their operations and the rise in the GCC country’s interest rates by 0.25 basis points twice since the beginning of 2018, Al Bayan newspaper revealed.
The six-month EIBOR declined to 2.745% yesterday versus 2.761% last week, the CBUAE’s data showed.
In April, the central bank began to adopt a new EIBOR system aimed at boosting the currency exchange and finance industries in the UAE.
