KUALA LUMPUR, Sept 24 — Bank Negara Malaysia has introduced the Malaysia Overnight Rate as the new alternative reference rate for Malaysia.
“In Malaysia, the MYOR will run in parallel to the existing Kuala Lumpur Interbank Offered Rate with periodic reviews to ensure that the financial benchmark rates remain robust and reflective of an active underlying market,” it said in a statement today. “This multiple-rate approach is supported by the Financial Stability Board and adopted by many other jurisdictions.”
In conjunction with the launch, BNM has published the MYOR Policy Document, which incorporates the key features and governance standards developed in collaboration with the Financial Markets Committee . The publication of the two- and 12-month KLIBOR tenors, “which are the least referenced rates in the market for financial contracts,” would be discontinued on Jan 1, 2023, the central bank said.
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