The quotes are averaged to arrive at a daily range of Emirates Interbank Offered Rates (Eibor), which are used to price financial instruments in the Gulf's top financial centre.
Late last month, Barclays agreed with US and British regulators to pay $453 million in fines for attempting to manipulate the London Interbank Offered Rate through its submissions to the Libor panel.
The central bank, keen to lower interbank offered rates it says do not reflect the market, said earlier this month it wanted to introduce a new mechanism to set the rate.
Abu Dhabi, 27 Aug: The United Arab Emirates central bank will set up a new panel of providers for the interbank offered rate, adding four local banks and dropping two international lenders, a treasury official said.
ABU DHABI: Interbank offered rates in the UAE fell on Wednesday, a day after the central bank said it was concerned current rates did not reflect the market and was in talks to create a new benchmark mechanism, under its remit.
Several banks lowered offered rates -- and bankers said more were likely to follow suit -- after the central bank openly mulled the creation of an official Emirates interbank offered rate (EIBOR).
The spread of threemonth London interbank offered rates
over OIS rates for euros was steady, compared with Friday's level, at 50 basis points.
At the Company's option, interest on advances may be based on either London Interbank Offered Rates of the banks' prime lending rate.
Interest is based on London Interbank Offered Rates.
75% (based upon the London Interbank Offered Rates
(LIBOR) plus 3.
5% to 2% over the London Interbank Offered Rates
(LIBOR) depending upon certain financial ratios.