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

The one-year EIBOR booked a significant rise to 3.15 percent from 2.86 percent on April 19, while the six-month rate amounted to 2.70 percent, with other terms increasing at varying levels.

The new hikes come after the UAECB 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.

The one-year EIBOR dropped recently to less than 3 percent before rebounding to new highs that are expected to continue over the coming days.

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