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UAE interbank rates ease

10 October 2010

Interbank rates in the UAE have dropped to an almost seven-month low after borrowing became cheaper for lenders as the Dubai World debt restructuring progresses, Bloomberg has reported. The country's 3-month interbank offered rate dropped to 2.25375, the lowest since March 16, reflecting an easing of the shortage of deposits and willingness of banks to lend. There is "improved confidence with the improved Dubai restructuring developments," Monica Malik, Dubai-based chief economist at EFG-Hermes Holding, told the news service.

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