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Singapore to stop reference rate setting for Indonesian rupiah.

Global Banking News-February 21, 2014--Singapore to stop reference rate setting for Indonesian rupiah

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Global Banking News - 21 February 2014

Singapore banks have been directed to stop reference rate setting for the Indonesian rupiah.

The direction comes eight months after 20 banks were censured for alleged manipulation of benchmark rates in the city state.

The central bank had found 133 traders involved in the manipulation of borrowing and currency rates. Some of these were used to price derivatives linked to other Southeast Asian currencies, according to a Reuters report.

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Publication:Global Banking News (GBN)
Geographic Code:9SING
Date:Feb 21, 2014
Words:117
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