FX.co ★ Malaysia Confirms Transition from KLIBOR to Overnight Rates

Bank Negara Malaysia has declared that it will gradually discontinue the Kuala Lumpur Interbank Offered Rate (KLIBOR) as it transitions to the Malaysia Overnight Rate (MYOR) and Malaysia Islamic Overnight Rate (MYOR-i). According to the central bank's announcement on Thursday, KLIBOR will be officially phased out by January 1, 2029. MYOR and MYOR-i, which were launched in 2021 and 2022 respectively, are based on actual transactions occurring in vibrant and liquid money markets. These new benchmarks are designed to enhance the transparency and stability of Malaysia's interest rate system.