ABU DHABI, The one-year interest rates charged by the Emirates Inter-Bank Offered Rate, EIBOR, posted a significant rise of 3.21 percent after the UAECB started to enforce the new EIBOR system effective the middle of this week.

The six-month EIBOR followed suit rising 2.77 percent, an all-time high in years.

Effective April 15th, 2018, the UAE Central Bank of the UAE stopped acting as the calculating agent of EIBOR and this role has been assigned 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 on Monday to 2.86 percent followed by the six-month rate to down to 2.76 percent before rebounding today to 2.77 percent.

Source: Emirates News Agency