LIBOR was discontinued immediately after 30 June 2023 as part of a global reform to improve the robustness and integrity of financial benchmarks. SOR, which utilises the USD LIBOR in its computation, was discontinued immediately after 30 June 2023.

SIBOR will be discontinued immediately after 31 Dec 2024.

For further details on the latest developments on SIBOR reform, please visit The Association of Banks in Singapore .

What’s Replacing SIBOR

On 29 July 2020, The Association of Banks in Singapore (ABS), the Singapore Foreign Exchange Market Committee (SFEMC), and the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS) issued a consultation report, titled SIBOR Reform and the Future Landscape of SGD Interest Rate Benchmarks. The report recommends the discontinuation of the SGD Singapore Interbank Offered Rate (SIBOR) and a shift to the use of the Singapore Overnight Rate Average (SORA) as the main interest rate benchmark for SGD financial markets. The announcement can be read here, while the report can be read here.

SORA is published daily by the MAS and is a robust benchmark underpinned by a deep and liquid overnight interbank funding market. It is published on the MAS website daily and has been accessible at no charge since 1 July 2005. The historical series can be downloaded from the MAS website at https://secure.mas.gov.sg/dir/domesticinterestrates.aspx

What Do I Need to Do?

All products that use SIBOR to calculate interest payments, such as loans, will be impacted by SIBOR’s discontinuation.

If you have not already done so, it is important that you make your own assessment of the SIBOR exposures and contracts you have as it is likely these will need to be transitioned to SORA in due course.

We encourage you to share this information with other colleagues in your organisation you believe should be kept apprised of these changes.

If you have at least one product with DBS that references SIBOR and matures after 2024, please be assured that there is no immediate impact on your product at this juncture, and we will be contacting you in due course to assist with the transition.


DBS SORA Offerings for Corporate and Retail Customers

For SMEs: SME Property Loan Packages
For Retail Customers: Personal Home Loan Packages


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You should contact your own legal, tax or other professional advisors on the possible implications of the changes. The DBS Group does not accept or assume any liability for the information set out herein nor for any loss or damages of any kind incurred by you or anyone in connection with acting or refraining to act on such information. Information contained on this website may not be reproduced or disseminated, in whole or in part, without the prior consent of the DBS Group, and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.