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Thu 8 Oct 2009 01:56 PM

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Barclays Bank to join banks fixing UAE interbank rate

Barclays becomes the 4th foreign bank to join panel of 12 banks that comprises 8 local banks.

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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