Malaysia | Bank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRR

On 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper.

The discussion paper sets out, among others:

• the framework, design and features pertaining to the development of an alternative reference rate for Malaysia;
• the potential enhancements to KLIBOR; and
• the review of KLIRR.