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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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.
The proposed shift will support the deepening of SORA markets, resulting in more transparent loan-market pricing for borrowers, and more efficient risk management for lenders, said the report, titled "Sibor Reform and the Future Landscape of SGD Interest Rate Benchmarks".
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