Answered By: Bobray Bordelon
Last Updated: Jul 03, 2023     Views: 73

LIBOR, which stands for London Interbank Offered Rate, served as a globally accepted key benchmark interest rate that indicated borrowing costs between banks.   Libor was phased out at the end of 2021, and market participants are being encouraged to transition to risk-free interest rates such as SOFR and SARON. 

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