July 1, 2020 / 7:33 AM / a month ago

Pandemic must not stop move to scrap Libor, say regulators

LONDON, July 1 (Reuters) - Disruption to markets caused by the COVID-19 pandemic must not stop banks from ending their use of the Libor interest rate benchmark by the end of 2021, the Financial Stability Board said on Wednesday.

“Libor transition remains an essential task that will strengthen the global financial system,” said the FSB, which coordinates financial rules for the Group of 20 Economies (G20).

The FSB said it would publish a report later this month on how to deal with remaining challenges to ending the use of a benchmark that banks were fined billions of dollars for trying to rig.

Reporting by Huw Jones Editing by Gareth Jones

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