Singapore to kill offshore rupiah reference rate
Singapore’s banks will cease publishing an offshore rupiah reference rate, treasurers with outstanding contracts will have to switch to the onshore rate.
The Association of Banks in Singapore (ABS) and Singapore Foreign Exchange Markets Committee (SFEMC) will stop publishing the offshore reference rate of US dollar against Indonesian Rupiah as of March 27. The SFEMC recommends that corporates transition their contracts to an onshore reference rate published by Bank Indonesia.
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