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| 19 March, 2018

UAE to introduce new interbank rates system on April 15- sources

The new system will shrink the panel of banks whose quotes are used to calculate the rates to eight banks from 10, the sources said.

ABU DHABI- The United Arab Emirates central bank will introduce a new way of setting Emirates Interbank Offered Rates (EIBOR), helping to make the system more accurate and transparent, on April 15, banking sources told Reuters on Monday.

The new system will shrink the panel of banks whose quotes are used to calculate the rates to eight banks from 10, the sources said.

There was no immediate comment from the central bank.

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(Reporting by Stanley Carvalho; Writing by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))