Participants at a seminar on 'Transition from LIBOR' organised by BRAC Bank for treasury officials of different banks at the bank’s Head Office recently. BRAC Bank organised a seminar on 'Transition from LIBOR' for the Treasury officials of different banks across the industry recently, says a statement.
The seminar focused on the shift from London Interbank Offered Rate (LIBOR)-based interest rates towards alternative Risk-Free Rates (RFR). LIBOR is phasing out after December 31, 2021.
The interactive session between the interbank participants took place at BRAC Bank Head Office in Dhaka on November 28.
Inaugurating the seminar, Selim R. F. Hussain, Managing Director & CEO, BRAC Bank; said, "The transition away from LIBOR could be one of the most significant and complex challenges that financial markets would ever confront with."
He discussed how market participants would play an important role in fostering productive discourse about the transition away from LIBOR to bring about an ultimately successful and timely transition.
Md. Shaheen Iqbal, CFA, Head of Treasury & Financial Institutions, and Mohammod Humayun Rashid, Manager, Treasury & Financial Institutions, BRAC Bank, conducted the sessions.
They elaborated on the Secured Overnight Financing Rate (SOFR) for USD and other alternative risk-free rates, their variants, calculation methodologies and implementation timeline regarding the transition towards these alternative rates.
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