Dubai – Mubasher: The Central Bank of the UAE (CBUAE) will announce a new system of setting Emirates Interbank Offered Rates (EIBOR) on April 15, banking sources told Reuters.
The new system will diminish the banks’ panel whose quotes are used to calculate the rates to 8 lenders from 10, the sources said.
The new panel will comprise of First Abu Dhabi Bank (FAB), Emirates NBD, Mashreq Bank, Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CDB), Union National Bank (UNB), HSBC Middle East, and Standard Chartered, the sources highlighted.
Chairman of the UAE Banks Federation Abdulaziz Al Ghurair had previously said that the CBUAE will introduce a fresh system of setting EIBOR in an effort to boost accuracy and transparency.
