Interest rates in Singapore are determined by global developments given its exchange rate centred monetary policy framework. Against that, market-driven interest rate benchmarks, play an important role in the domestic financial system and the broader economy.

In Singapore, Sibor and Sor have served as the key interest rate benchmarks in Singapore dollar (SGD) financial markets for decades. They meet the needs of different user groups, with Sor used in pricing of bonds and loans to large institutions with hedging requirements, as Sor is also the reference benchmark in SGD derivatives, while Sibor is mainly referenced in banking products for smaller corporates and retail customers.

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