The global issuance of new London Interbank Offered Rate (“LIBOR”) contracts will cease by 31 December 2021. Similarly, Bank Negara Malaysia requires banks to cease new issuance of LIBOR referencing contracts by 31 December 2021 and to reference new products against alternative rates.

On 22 October 2021, BNM published an e-brochure emphasises the urgency for bank customers to be prepared for the transition from LIBOR to risk free rates (“RFRs”).