LIBOR

LIBOR, or the London Interbank Offered Rate, was the benchmark interest rate major global banks used when lending to one another in the international interbank market. According to the source definition, it was to be replaced by the Secured Overnight Financing Rate (SOFR) on June 30, 2023.

It was a common reference rate banks used to help decide interest on loans between themselves. Later, another rate called SOFR took its place.