Singapore is reviewing its interbank lending rate to determine how it can be strengthened and whether proposed alterations will withstand changes in the market structure, a government official said.
The Monetary Authority of Singapore has directed banks that set the Singapore interbank offered rate to verify the integrity of their rate-submission process, Lawrence Wong, senior minister of state for education who sits on the MAS board, said in Parliament today in response to a question from a legislator.
The minister made his comments as Bank of England Governor Mervyn King leads a meeting of global central bankers on the collapse of confidence in Libor, the benchmark rate for more than $500 trillion of securities. King began talks with counterparts from the worldâ€™s largest economies yesterday in Basel, Switzerland.
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