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3 to 4-year timeline proposed for dropping Sibor

Final verdict on its fate likely to come in Nov. This means both Sibor, SOR will be phased out and replaced by SORA

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The report follows the long-running reform of Sibor, with the adoption of a new waterfall methodology and transition testing that was conducted from July 2019 to June 2020.

Singapore

A CONSULTATION report has recommended that the SGD Singapore Interbank Offered Rates (Sibor) be discontinued in three to four years, and that the Singapore Overnight Rate Average (SORA) be used as the main interest rate benchmark for SGD financial markets going forward.

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