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Barclays Bank to join banks fixing UAE interbank rate

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 08 October 2009
CENBANK MOVE: Earlier this month, the UAE Central Bank launched its new mechanism for fixing the EIBOR. (Getty Images)
CENBANK MOVE: Earlier this month, the UAE Central Bank launched its new mechanism for fixing the EIBOR. (Getty Images)

Barclays Bank will join the panel of banks from next week in fixing the interbank offered rate in the United Arab Emirates, a treasury official from the Central Bank said on Thursday.

Barclays becomes the fourth foreign bank to join the panel of 12 banks that comprises eight local banks.

"There is a process to be followed and hopefully from next week Barclays will join the panel," a senior treasury official told Reuters.

Earlier this month, the UAE Central Bank launched its new mechanism for fixing the EIBOR (Emirates interbank offered rate) in a move to lower rates after it rejigged the panel of providers. (Reuters)

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