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The MIBOR, in turn, is used as a benchmark or reference for derivative products such as interest rate swaps, forward rate agreements and term deposits and certain types of debt instruments issued by firms to raise money.
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As per data compiled from market sources, yields on CDs maturing in three months stood in the range of 7.80-8.00 percent on February 15, up from 7.70-7.95 percent on February 1.