London Interbank Offered Rate

On 12th May, 2023, the Reserve Bank of India (RBI) issued an advisory to banks and other RBI- regulated entities asking them to take steps to ensure a complete transition away from the London Interbank Offered Rate (LIBOR) from July 1, 2023.

  • The central bank advised banks and financial institutions not to do new LIBOR-linked or the Mumbai Interbank Forward Outright Rate (MIFOR)-linked financial deals.

Rationale behind the Move

  • LIBOR is being phased out because of the role it played in worsening the 2008 Financial Crisis, as well as scandals involving LIBOR manipulation among rate-setting banks.
  • The global transition from Libor was ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy July 2023 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

Economy Watch