The UAE Central Bank has completed a study to bring more clarity and transparency to interbank market lending rates, Wam, the official news agency reported.
The Central Bank’s governor, Mubarak Al Mansoori, presented the study on the Emirates interbank offered rate in the UAE, also known as Eibor, at the 66th Meeting of the Committee for the Governors of the GCC Central Banks and Monetary Institutions in Riyadh last Wednesday.
“The Central Bank of the UAE presented its second-quarter report of monetary, banking and financial market developments in the UAE,” Wam said.
“In addition, it also presented a study on the latest proposed reforms to determine interbank offered rates between banks in the UAE to inform the plans in other GCC countries.”
No further details were given on the Eibor reforms. No one was immediately available to comment at the Central Bank as yesterday was a public holiday.
Talk of changing the way Eibor is determined comes at a time when the benchmark rate for the interbank market has been rising amid shrinking bank deposits.
The three-month Emirates interbank offered rate increased to a three-year high of 1.27 per cent on Thursday.
Unnamed banking sources told Reuters in April that the Central Bank planned to change the way banks quote indicative money market rates to make them more uniform and transparent.
The Central Bank reportedly engaged consultants Deloitte to study how individual banks calculate Eibor and recommend how quotes could be made more uniform as there have sometimes been large discrepancies among individual bank rates.
mkassem@thenational.ae
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Fifa Club World Cup:
When: December 6-16
Where: Games to take place at Zayed Sports City in Abu Dhabi and Hazza bin Zayed Stadium in Al Ain
Defending champions: Real Madrid
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Brief scores:
Manchester United 4
Young 13', Mata 28', Lukaku 42', Rashford 82'
Fulham 1
Kamara 67' (pen),
Red card: Anguissa (68')
Man of the match: Juan Mata (Man Utd)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.