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Jan 4, 2022

A tainted lending rate is being replaced after 45 years

From the BBC World Service: We break down how the London Interbank Offered Rate or Libor, a key lending rate used to calculate everything from your mortgage to credit-card offers, has been overhauled. Plus, while countries including the U.S. have been scaling back self-isolation requirements, several Chinese cities have recently gone into full lockdown. And, the world’s biggest oil producers don’t seem too concerned about the longer-term impact of COVID-19.

The London Interbank Offered Rate or Libor was found to have been rigged in favor of and by some of the world's biggest investment banks.
The London Interbank Offered Rate or Libor was found to have been rigged in favor of and by some of the world's biggest investment banks.
TOLGA AKMEN/AFP via Getty Images

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A tainted lending rate is being replaced after 45 years