Financial Markets Committee to drive development of alternative financial benchmark rate

KUALA LUMPUR: The Financial Markets Committee will oversee the development of an alternative reference rate (ARR) for Malaysia and deliberate on the continuity of the Kuala Lumpur Interbank Offered Rate (Klibor)

Bank Negara said in a statement that the first key task for the committee would be to conduct an initial public consultation on the identification of a suitable ARR and enhancements to the Klibor framework if it is retained.