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BANGKOK - Thailand's financial institutions and businesses must stop creating new contracts linked to Thai baht interest rate fixing (THBFIX) from July in a transition to a new reference rate (THOR), the central bank said on Thursday.
The fallback rate (THBFIX) can be used with pending transactions only as necessary, from July 2023 to 2025, the central bank said in a statement.
THBFIX-linked contracts should be urgently adjusted to THOR-linked before the discontinuation of THBFIX, it said.
Last year, the central said there were about 50,000 contracts worth $610 billion using LIBOR and THBFIX rates, mostly derivatives involving banks and large companies.
The Thai overnight repurchase rate THOR aims to replace the THBFIX and in response to the cessation of the London interbank offered rate (LIBOR).
For details on THOR and LIBOR transition (https://bit.ly/3mFA1y1) REUTERS