SNB replaces Libor with new reference rate

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The Swiss National Bank

The Swiss National Bank has replaced the London interbank offered rate, or Libor, with an existing index as a reference rate for its monetary policy decisions, it announced today (June 13).

The central bank will move from the three-month London interbank offered rate to the Swiss average overnight rate, called Saron. The rate was first introduced to the Swiss market in August 2009, after being developed in collaboration with the Swiss stock exchange.

The move follows the financial system’s

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