The United Arab Emirates central bank said it was holding a trial run on Monday for a newly formed panel of providers for the interbank offered rate, but had delayed its start due to a server problem.

The trial run would begin later on Monday, the central bank said in a statement.

Last month, the central bank rejigged the panel of providers for the Emirates Interbank Offered Rate (EIBOR) in the hope it would bring down interbank rates it says are too high and do not reflect the market.

The new 11-bank panel includes four new local banks and dropped two international lenders, and was expected to start in mid-September.-Reuters