QCB, Bloomberg Launch Qatar Interbank Rate QIBOR

Doha, May 02 (QNA) -Qatar Central Bank (QCB) and Bloomberg are partnering to launch the first ever Qatar interbank offer Rate QIBOR) fixing , in a movie aimed at encouraging a more active interbank market in Qatar. This came in a press release the QCB issued here on Wednesday . The press release added that Interbank rate fixings are used around the world to provide daily reference point for banks borrowing unsecured funds from other banks in the local wholesale banking market and this announcement brings Qatar into that market for the first time. QIBOR, which will use the contributed offer rates quoted by 9 panel banks, will be calculated by Bloomberg and published on the QCB website and Bloomberg professional service starting on Sunday, 6 May,2012 at 10:00 am Doha local time and each subsequent business day at the same time. QIBOR fixings for 8 different tenures ranging from overnight to one year will be publicly available each business day making market activity transparent to other banks around the world. HE Sheikh Abdulla Saoud Al Thani, the Governor of Qatar Central Bank, commented,'' Introducing QIBOR will enhance transparence and promote liquidity. He added in establishing the first -ever benchmark interbank rate in Qatar it was vital to work with Bloomberg as a partner with deep expertise and credibility in this area". The press release further referred to the list of member banks on the QIBOR panel includes each of; Qatar National Bank, Commercial Bank,,Doha Bank,,Al Ahli Bank,International Bank of Qatar,Al Khaliji Bank,Arab Bank Standared Chartered Bank, and BNP Paribas. (QNA)