GCC/REGIONAL

 

Libor Rigging Probe Impacts Gulf Markets

 

The ongoing Libor-rigging probe that has seen the departure of top management at Barclays Bank and resulted in the payment of $455mn in fines to US and UK regulators has started to impact MENA. The Central Bank of the UAE announced on 18 July that Barclays asked to exit the panel that sets the Emirates interbank offered rate (Eibor). At the same time, Gulf lenders are assessing how they might have...