SIBOR

SIBOR, or the Singapore Interbank Offered Rate, is a benchmark interest rate used for lending between banks operating in the Asian market. It is set each day by the Association of Banks in Singapore, with Thomson Reuters acting as the calculation agent. The rate is collected from 20 member banks before 11 a.m. Singapore time, and at least 12 submissions are needed to calculate the daily average.

It is a benchmark rate banks in Singapore use to help price loans between themselves. The daily number comes from rates submitted by many banks.