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Report: UAE central bank to launch new interbank rate-setting system in April

The Central Bank of the United Arab Emirates is expected to launch a new system of setting the Emirates Interbank Offered Rates on April 15, Reuters reported March 19.

"Banking sources" told Reuters that the changes, which are meant to make the system operate more closely in line with market conditions and more transparently, include a reduction to eight from 10 in the panel of banks whose quotes are used to calculate the rates.

The new EIBOR panel will comprise First Abu Dhabi Bank PJSC, Emirates NBD Bank PJSC, Mashreqbank PSC, Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai PSC, Union National Bank PJSC, HSBC Bank Middle East Ltd. and Standard Chartered Plc.

The new system will set overnight, one-week, one-month, three-month, six-month and one-year rates.