Most of the interbank offered rates in the UAE went up on Sunday following the implementation of a new EIBOR calculation system by the central bank.
The new system is planned to boost currency exchange and financing industries in the UAE through more transparent, accurate, and fair interest calculation mechanism.
The one-month rate inched up to 1.94% from 1.93% on Thursday, while the one-year rate increased to 3.04% from 2.94%, according to Reuters.
Meanwhile, the overnight rate declined to 1.37%, down from 1.51%.
“EIBOR rates, used in many UAE financial transactions, are calculated daily for maturities ranging from overnight to one year. In practice, interbank deals using EIBOR rarely have maturities of more than one month,” the international news agency reported.