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UK interbank borrowing

Tuesday, January 22, 2008

LONDON (Thomson Financial) - The cost of borrowing between banks in the UK continued to moderate today on expectations that central banks will cut soon interest rates to support growth.

The three-month London Interbank Offered Rate (Libor) -- a key indication of banks' willingness to lend to each other over the medium term -- eased again to 5.53 pct from 5.57 pct yesterday.

The overnight rate, which should in theory be the most closely aligned to the Bank of England's 5.50 pct bank rate, edged lower to 5.54 pct from 5.55 pct, whereas the one-month rate decreased to 5.53 pct from 5.58 pct.

The BoE is widely expected to cut rates by a quarter point at its meeting in February, a view that has been reinforced by the recent sell-off in the stock markets.

Posted by MOHAMED SAID at 5:34 AM  


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