Thai banks debut new overnight repo rate THOR

Thai banks debut new overnight repo rate THOR

Thailand has started using a new overnight repurchase rate (THOR) after a transaction between Kasikornbank and CIMB Thai Bank, the central bank said on Tuesday.

The overnight indexed swap, conducted on Monday, marked a positive start for creating liquidity for market participants in using the THOR reference rate, Assistant Governor Vachira Arromdee said in a statement.

Separately, Kasikornbank said in a statement the transaction was a critical first step to set the stage for new markets for THOR-linked derivatives and cash products.

THOR, first established in April, is an alternative reference rate in response to the cessation of the London interbank offered rate (LIBOR) at the end of next year.

It would reflect local financial market conditions and meet international standards for financial benchmarks, according to the Bank of Thailand.


Do you like the content of this article?
COMMENT (2)

Activist opposes Sorrayuth's news comeback bid

Activist Srisuwan Janya has petitioned the National Broadcasting and Telecommunications Commission (NBTC) opposing former newscaster Sorrayuth Suthassanachinda’s plan to resume his role on Channel 3, saying it is against the news profession's ethical code to allow the former anchor to take a lead role in presenting news on air again.

20:05

Authorities to take advantage of early rainy season

The Office of the National Water Resources (ONWR) has been told to take advantage of the early arrival of the rainy season to stock up on water supply for next year's summer.

19:57

20 crew missing after Philippine ship runs aground in typhoon

A search was under way Tuesday for 20 crew members missing in the Philippines after their cargo ship ran aground while seeking shelter from rough waters churned up by a typhoon, the coast guard said.

18:33