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UAE banks launch one-week interbank rate

Posted on 18 March 2009

From Gulfnews.com: Dubai United Arab Emirates banks launched a one-week interbank offered rate on Sunday, striving to meet demand for a reference rate for short-term liquidity. The one-week Emirates Interbank Offered Rate was set at 1.51875 per cent.

“A lot of the market is very short-dated at the moment,” said John Tuke, deputy general manager for treasury and asset management at Commercial Bank of Dubai, one of 10 banks involved in setting the daily fix of UAE money market rates….. Full Article: Source

 
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