Thaw in money markets gathers pace

The cost of borrowing in interbank markets declined on Monday, indicating that measures implemented by governments and central banks around the world to reduce tensions in frozen interbank markets are finally gaining traction.

According to data from the British Bankers' Association the London Interbank Offered Rate (Libor) for three-month dollar-denominated loans dropped to 4.06% on Monday - the lowest it has been since 30 September. Friday's rate was fixed at 4.42%

In a further indication that

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