In an effort to fight inflation and cool consumer spending, the US Federal Reserve has increased its interest rate by 75 basis points – its highest rate hike since 1994. This would set the Fed’s benchmark federal-funds rate – or in layman’s terms, the rate banks lend to each other – to between 1.5 per cent and 1.75 per cent..
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BANGKOK, Feb 27 (Bloomberg): Thailand’s central bank plans to auction its first floating-rate notes linked to a local benchmark to replace Libor, as the move away from the scandal-tainted benchmark gathers pace globally.
The Bank of Thailand will auction 30 billion baht ($1 billion ) of 182-day notes with a coupon rate of 5 basis points above the compounded Thai overnight repurchase rate, known as Thor, on March 25, it said in a statement Thursday. The offering is part of the central bank’s 380 billion bond auction plan for March, it said.
Policymakers around the world are working to develop new benchmarks to replace Libor, after trading informing the rate dried up and European and U.S. banks were found to have manipulated it for their own advantage. The ICE Benchmark Administration Ltd. late last year said it was consulting on plans to extend the retirement date for some Libor U.S. dollars rates until late June 2023, although regulators have been pushing for ba