ABU DHABI 30 April 2018: The interest rates charged by the Emirates Inter-Bank Offered Rate (Eibor) hit new highs across all terms, according to UAE Central Bank figures.
The one-year Eibor booked a significant rise to 3.15 per cent from 2.86 per cent on April 19, while the six-month rate amounted to 2.70 per cent, with other terms increasing at varying levels, said Wam.
The new hikes come after the UAECB started to enforce the new Eibor system effective mid-April, under which the bank stopped acting as the calculating agent of Eibor, assigning this role to Thomson Reuters Ltd , a new move confirmed by the bank as going in conformity with best international practices in terms of transparency.
The one-year Eibor dropped recently to less than 3 per cent before rebounding to new highs that are expected to continue over the coming days.