LIBOR interest rate

Acronym for London InterBank Offered Rate. LIBOR interest is the inter-bank interest on loans. This is the interest rate at which banks provide to each other loans in foreign currencies for different terms. This interest is set daily, based on a calculation made by the British Bankers' Association, which reviews interest rates for 21 leading banks in London. The LIBOR Interest rate is published daily at 11:00 am (London time).