Qatar Central Bank (QCB) and Bloomberg are partnering to launch the first ever Qatar Interbank Offer Rate (QIBOR) fixings, in a move aimed at encouraging a more active interbank market in Qatar. Interbank rate fixings are used around the world to provide a 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 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.
H.E. Sheikh Abdula Saoud Al Thani, Governor of Qatar Central Bank, commented, “Introducing QIBOR will enhance transparency 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 list of member banks on the QIBOR panel includes:
1. Qatar National Bank
2. Commercial Bank
3. Doha Bank
4. Al Ahli Bank
5. International Bank of Qatar
6. Al Khaliji Bank
7. Arab Bank
8. Standard Chartered Bank
9. BNP Paribas
Press Release
04 May
