UAE seeks to lower interbank rates

The UAE's central bank has said it will consult with commercial banks on how to reduce interbank rates in the country as they do not reflect true market lending rates, Reuters has reported. 'It does not reflect true market rates, so this is going to be discussed thoroughly at our next meeting with commercial banks,' Saif al-Shamsi, senior executive director at the central bank's treasury department, told the news service. The benchmark UAE three-month rate was fixed at 2.17% on Monday, up from 1.89% a month ago.