The London Inter-Bank Offered Rate (Libor) was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the primary benchmark, along with the Euribor, for short-term interest rates around the world. The last rates were published on 30 June 2023 before 12:00 pm UK time, with market participants encouraged to transition to risk-free interest rates such as SOFR and SARON.
