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EIBOR Up By 30.7-48.6 Percent Since Early 2018

The interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) hit new highs of 30.7- 48.6 percent across all terms since the beginning of the year, according to the Central Bank of UAE figures.

The interest hike is attributed to the US Federal Reserve's decision to raise interest rates more than one time since the beginning of the year, the most recent of which in September.

The new hikes come after the CBUAE started to enforce the new EIBOR system effective mid-April, under which the Bank stopped acting as the calculating agent of EIBOR, assigning this role to Thomson Reuters Ltd , a new move confirmed by the bank as going in conformity with best international practices in terms of transparency.

Within this context, the one-year deposit rate booked a significant rise of 30.7 percent, increasing from 257 basis points in December 2017 to 336 basis points on October 8th.

Six-month deposit interest rates, in the meantime, grew 45 percent, while the three-month deposits went up 48.7 percent from 179 basis points to 266 points.

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