The Central Bank of UAE plans to change the way banks quote indicative money market rates to make them more uniform and transparent. A panel of 11 banks submit daily quotes from which Emirates interbank rate EIBOR is calculated. The central bank wants to reduce the variation between banks’ EIBOR quotes, because the banks were not following a standard procedure to decide the quotes. The Central Bank has engaged Deloitte to study how individual banks calculate EIBOR and recommend how rates could be made more uniform. (Reuters)
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