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Wed 24 Sep 2008 12:12 PM

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Interbank rates continue to climb

Uncertainty over UAE central bank's $13.6bn emergency fund sees one- and three-month rates rise.

UAE interbank offered rates rose on Wednesday for a second day as banks in the Gulf state awaited details of a 50 billion dirham ($13.61 billion) central bank funding facility.

The UAE central bank has not yet announced the structure of the emergency facility, launched on Monday and designed to help banks cope with a global liquidity crunch.

The one-month Emirates Interbank Offered Rate (EIBOR) rose to 3.6875 percent on Wednesday from 3.64375 percent on Tuesday. The three-month rate climbed to 3.725 percent on Wednesday from 3.70 percent on Tuesday.