MAS expands steering committee's role in SIBOR shift

It will provide strategic direction and oversee the implementation.

The Monetary Authority of Singapore has announced the expansion of the steering committee for SOR transition to SORA’s mandate to enable it to oversee the interest rate benchmark transition, a statement read.

The committee will be renamed as the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS). In its expanded role, the SC-STS will also provide strategic direction on the transition, and oversee its smooth implementation.

In July, the Association of Banks in Singapore, the Singapore Foreign Exchange Market Committee, and the SC-STS published its recommendations to discontinue SIBOR shift to SORA as the main interest rate benchmark for SGD financial markets.