What do Sibor and Sora mean in the world of interest rates?

If you have a mortgage, you would have heard the term Sibor. It refers to the inter-bank interest rates. Many mortgages & loans are pegged at Sibor + X%, depending on the relationship the client has with the bank.

Now, the Sibor will transition to Sora which stands for Singapore Overnight Rate Average. This article explains the Sibor, Sora and why the Sora is so important.

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