UAE to establish official interbank rate

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The Central Bank of the United Arab Emirates (UAE) on Tuesday announced proposals to establish an Emirates Interbank Offered Rate (Eibor).

The central bank said it had met with local and foreign banks operating in the UAE on Monday to discuss setting up the measure under the aegis of the institution.

Setting up of Eibor had two objectives: to set up an official benchmark for a Dirham offered rate and to try to ensure that fixed rates were a fair representation of prevailing market conditions.

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