Bank Negara launches MYOR-i, world's first transaction-based Islamic benchmark rate

KUALA LUMPUR: Bank Negara Malaysia (BNM) has launched the Malaysia Islamic Overnight Rate (MYOR-i), the first transaction-based Islamic benchmark rate in the world.

In a statement today, the central bank said MYOR-i will replace the Kuala Lumpur Islamic Reference Rate (KLIRR), which will be discontinued with immediate effect.