The Bangko Sentral ng Pilipinas (BSP) and the banking industry have agreed to create an overnight (ON) rate to guide transactions on the back of the cessation of London Interbank Offered Rate (Libor) by June 30. Know more:
THE Bangko Sentral ng Pilipinas and the banking industry have agreed to create an overnight rate to guide transactions on the back of the cessation of London Interbank Offered Rate by June 30.
“Making changes to the current benchmark or introducing a new yield curve will require time and the full cooperation of all the stakeholders. While there are several tasks that need to be undertaken, it was agreed at the end of the town hall discussion that the start of January 2024 will be our ‘fighting target’ to have a credible yield curve in place,” Medalla said.
Libor is an interest rate benchmark used in a wide range of financial transactions globally. The transition away from Libor was initially announced in 2017.
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