Singapore to reprimand bank on benchmark interest rates

Expect new rate-setting process today, said Bloomberg.

According to a report by Bloomberg, Singapore’s central bank plans to reprimand banks in the city-state as early as Friday following an 11-month review into how benchmark interest rates are set, five people with knowledge of the matter said.

The Singapore Foreign Exchange Market Committee, which includes the Monetary Authority of Singapore and banks, plans to separately announce changes to the rate-setting process on the same day, two of the people said yesterday, asking not to be identified before the announcements are made.

Read full report here.

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