UAE Central Bank likely to intervene to trim Eibor

The central bank of the UAE is expected to intervene to bring down the Emirates Interbank Offered Rate (Eibor), which has risen since the start of the year, Emirates Business has reported. Analysts said the three-month Eibor has risen from 1.88% in early January to 2.208% yesterday. 'While lending activity remains muted and economic forecasts for the UAE are relatively weak, we do not rule out further intervention from the Central Bank to push rates lower,' said Marios Maratheftis, Head of Research, and Shady Shaher, Economist, Mena, at Standard Chartered Bank, in a report.