MAS ‘front-loads’ interest rate benchmark reform effort
Central bank says not transitioning to new Sora rate will expose banking sector to increased risk
The Monetary Authority of Singapore will outline new “specific deadlines” to cease the usage of its current interest rate benchmark, as it looks to fast-track reform.
Speaking on September 9, deputy governor Jacqueline Loh said the central bank will be issuing guidance in October to ensure banks “move in a concerted way” towards transitioning.
“With the end-2021 deadline approaching, it is not prudent for banks and end-customers to enter into new Sor contracts that mature beyond end-2021,” she
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