Latest SIBOR & SORA Rates (2020)

We publish the latest 2020 chart and rates for Singapore dollars SIBOR and SORA, up-to-date from January to December. At the bottom of this page, you will find links to the pages for other years of SIBOR and SOR starting from 2012.

<Page is updated to include 3-month compounded SORA>

Definitions

SIBOR: Singapore Interbank Offered Rate (SIBOR) and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Singapore wholesale money market (or interbank market).

SIBOR comes in 1-, 3-, 6- , or 12-month tenure. At the end of each tenure, the borrowing bank returns the borrowed fund to the lending bank. The 3-month SIBOR is the most popular rate that mortgage loans are pegged to.

Simply put, SIBOR is the interest rate banks lend to each other for 1-month, 3-month and 6-month.

12-month SIBOR will be discontinued by MAS after 2020.

SOR: Mortgages linked to SOR are not offered, therefore we will stop publishing SOR rates.

SORA: It refers to the 3-month compounded Singapore Overnight Rate Average (SORA). It is the volume-weighted average rate of unsecured overnight interbank Singapore dollars transactions in Singapore between 9:00 am and 6:15 pm. It is slated to replace SIBOR and SOR.

2020 January to December SIBOR Rates

2020 January to December SORA Rates

How is SIBOR calculated?

ABS Benchmarks Administration Co Pte Ltd (ABS Co.) was setup in June 2013 to own and administer the Singapore Interbank Offered Rate (SGD SIBOR), the Singapore Dollar Swap Offer Rate (SGD SOR), and others. ABS Co. has appointed Thomson Reuters, as the Calculation Agent to calculate and determine the Benchmarks on its behalf.

SIBOR is the rate at which an individual Contributor Bank could borrow funds, were it to do so by asking for and then accepting the interbank offers in reasonable market size, just prior to 11:00 a.m. Singapore time. There are 20 Contributor Banks on the SIBOR panel. Each Contributor Bank is selected and determined by the Administrator. A minimum of 12 Contributor Banks shall submit rates for each maturity (1-month, 3-month, 6-month and 12-month).

On each Business Day, Contributor Banks will contribute rates for the Singapore Interbank Offered Rate (SGD SIBOR) for deposits, just prior to 11:00 a.m. Singapore time. Each Contributor Bank shall contribute their rates without reference to rates contributed by other Banks. The rates shall be contributed up to five decimal places. Then the Administrator shall calculate and determine the Rate using trimmed arithmetic mean of the contributed rates. The contributed rates will be ranked in order, the top and bottom quartiles will be removed, with the remaining rates averaged arithmetically. The arithmetic mean shall be published as the Rate at 11:30 a.m.

How is SORA calculated?

SORA is calculated based on the volume weighted average of all SGD overnight cash transactions that took place in the interbank market for the particular day. This average rate is published on the MAS website on a daily basis.

SIBOR and SOR Historical Rates