LIBOR and THBFIX Transition
The Financial Conduct Authority (FCA), the regulator of the London Interbank Offered Rate (LIBOR) in the United Kingdom, had announced the future cessation and loss of representativeness of LIBOR. This had impacted financial transactions referencing LIBOR across the globe, both directly and indirectly, including the cessation of the Thai Baht Interest Rate Fixing (THBFIX) as well. The BOT, in cooperation with representatives from commercial banks, has established the Steering Committee on Commercial Banks' Preparedness on LIBOR Discontinuation (the Committee) whose key task is to ensure the smooth transition and Thai financial market preparedness, as well as preventing any adverse impact the aforementioned cessation may have on the Thai financial market stability.
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