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    BNM Issues Financial Stability Report and Notice on LIBOR Transition

    October 25, 2021

    The Bank Negara Malaysia (BNM) published the financial stability review for the first half of 2021 and issued a statement on issuance of LIBOR-referencing contracts. Globally, risk-free rates will replace LIBOR for major currencies from January 2022 onward. In line with this global development, BNM requires banks to cease new issuance of LIBOR-referencing contracts by December 31, 2021 and to reference new products against alternative rates. BNM also published an e-brochure that emphasizes the urgency for bank customers to be prepared for the transition from LIBOR to risk-free rates. It advises bank customers to ensure capacity and system readiness to transact new products in the alternative rates before December 31, 2021.

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    Keywords: Asia Pacific, Malaysia, Banking, LIBOR, Benchmark Reforms, Islamic Banking, Risk-Free Rates, Financial Stability, Basel, BNM

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