MAS looks into setting of key interest rate benchmarks

The central bank is following suit as Libor scandal triggered interest rate reviews worldwide.

"Regulators in several international financial centres are looking into the setting of key market interest rate benchmarks by banks. MAS is doing the same in Singapore," an MAS spokesman said.

The shocking manipulation of the London interbank offer rate (Libor) has prompted banks worldwide to check on interest rates they implement. Libor is the most widely used interest rate in the world, from commercial loans to mortgages.

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