MAS sets up steering committee for SOR transition to SORA, development charge rates raised 1.7% on average for commercial use, trimmed 0.3% for non-landed residential use at
THE MAS on Friday said it has established a steering committe to oversee an industry-wide interest rate benchmark transition from the Singapore dollar Swap Offer Rate to the Singapore Overnight Rate Average .
WITH the likely discontinuation of the US dollar Libor will impact the sustainability of SOR, the Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee have concluded that financial contracts that reference SOR, particularly SGD interest rate derivatives, should transition to reference SORA.
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