LIBOR

May 15, 2023

RBI has asked banks & RBI-regulated entities to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 01, 2023.
- LIBOR stands for London Interbank Offered Rate.
- An interest rate average submitted by leading UK banks, it is a benchmark rate against which global lenders currently mark their transactions.
It acts as a benchmark for short-term interest rates.
LIBOR is administered by the Intercontinental Exchange or ICE.
It is published daily across five currencies including US dollar, Euro, British pound, Japanese yen and Swiss franc.