SINGAPORE: Singapore's banking body on Friday said it would shift away from using Singapore dollar swap offer rates as a key lending benchmark due to the likely discontinuation of the London Interbank Offered Rate, which heavily influences SOR.
The change, which will take place over the next two years, will see products such as loans that reference the rate switched to other benchmarks such as Singapore Overnight Rate Average , Singapore Interbank Offered Rates or banks' internal funding rates.
The group has identified SORA as the best alternative and the central bank has set up an industry-led committee to work with businesses and customers to smooth the transition.
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