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Banks around the globe lend money to each other. This allows government economies to run smoothly if they ever need money. The principal amount loaned needs to be returned with the interest rate. I will tell you what is LIBOR in the paragraphs below.
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It is a system that sets a benchmark interest rate which is used by banks lending money internationally. The LIBOR rate is a borrowing cost that is accepted globally. Each year, the Intercontinental Exchange ( ICE) is used to publish the LIBOR rate.
What do you mean by LIBOR?
LIBOR full form in banking is London Interbank Offered Rate. Due to the validity and method used by ICE for calculation, LIBOR is not in use currently in many countries. It was stopped after the end of 2021. There is an alternate benchmark being used globally, it is known as the Secured Overnight Financing Rate (SOFR).
What is LIBOR used for ?
It is used for lending short-term loans in the international interbank market. It is calculated by Waterfall Methodology. The calculation is done on the basis of the U.S. dollar, the euro, the British pound, the Japanese yen, and the Swiss franc.
The table below will tell you LIBOR rates ( in places where LIBOR is in the middle of being phased out).
THIS WEEK |
MONTH AGO |
YEAR AGO |
|
1 Month LIBOR Rate |
2.36 |
1.97 |
0.09 |
3 Month LIBOR Rate |
2.81 |
2.48 |
0.12 |
6 Month LIBOR Rat |
3.31 |
3.06 |
0.16 |
1 Year LIBOR Rate |
3.99 |
3.69 |
0.23 |
This is all from my end on what is LIBOR.
Read more :
What is DICGC Act 1961
What is SOFR ?
What is replacing LIBOR ?
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What is LIBOR rate ?
Sheetal
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2022-08-12T19:01:08+00:00 2022-08-12T19:01:09+00:00Comment
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