Singapore Reviews Sibor Interbank Rate

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 world’s largest economies yesterday in Basel, Switzerland.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza