Notice:

As of 25 February 2025, the SOR & SIBOR to SORA website is no longer updated. Nonetheless, past announcements and publications continue to play a key role in supporting a robust reference rate system and continued industry adoption.


The Singapore Overnight Rate Average (SORA) was identified by The Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee as the replacement interest rate benchmark for the Singapore Dollar Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR). An industry-led committee, the Steering Committee for SOR & SIBOR Transition to SORA (SC-STS), comprising a group of industry participants, was convened by the Monetary Authority of Singapore (MAS) to oversee the successful industry-wide interest rate benchmark transition from SOR and SIBOR to SORA.

SORA is an interest rate benchmark based on the average rate of unsecured overnight interbank SGD transactions brokered in Singapore. Administered by MAS, SORA is underpinned by a deep and liquid overnight funding market, and is commonly monitored by money market participants as a reflection of daily conditions in SGD money markets.

This transition was part of a broader global initiative to move away from the now-defunct London Interbank Offered Rate (LIBOR) and other Interbank Offered Rate (IBOR) benchmarks to more robust, transparent, and reliable overnight interest rate benchmarks. Singapore’s alignment with international standards helps to enhance integrity, efficiency and resiliency in the use of interest rate benchmark in its financial markets.

Media Release: Banks Successfully Complete Interest Rate Benchmark Transition from SOR and SIBOR to SORA
25 February 2025

Media Release: Final Transition Approach for SIBOR Loans to SORA
30 June 2023

Response to Consultation Feedback on Adjustment Spreads for the Conversion of SIBOR Loans to SORA
30 June 2023

Media Release: SIBOR to SORA Transition Commences
15 March 2023

Consultation on Adjustment Spreads for the Conversion of Legacy SIBOR Loans to SORA
15 March 2023

Media Release: Industry Steering Committee Finalises the Key Settings of the MAS Recommended Rate and Supplementary Guidance for Active Transition of Legacy Wholesale Market SOR Contracts to SORA
18 July 2022

Response to Consultation Feedback on Adjustment Spreads for the Conversion of Legacy SOR Contracts to SORA
18 July 2022

Media Release: Consultation on Adjustment Spreads for the Transition of Legacy SOR Contracts in Wholesale Markets
18 May 2022

Consultation on Adjustment Spreads for the Conversion of Legacy SOR Contracts to SORA
18 May 2022

Media Release: Key Financial Industry Committees Set Out Timelines For SIBOR Discontinuation
11 December 2020

ABS-SFEMC and SC-STS Response to Feedback Received on SIBOR Reform and the Future Landscape for SGD Interest Rate Benchmarks
11 December 2020

Media Release: Joint Industry Consultation on the SIBOR Reform and a Shift to a SORA-centered SGD Interest Rate Market
29 July 2020

ABS-SFEMC and SC-STS Public Consultation on SIBOR Reform and the Future Landscape for SGD Interest Rate Benchmarks
29 July 2020

SC-STS’ Response to Feedback Received on Proposed Roadmap for Transition from SOR to SORA
19 March 2020

Media Release: Industry Steering Committee Sets Out Key Priorities to Achieve Smooth Transition to SORA
19 March 2020

ABS-SFEMC Public Consultation on Roadmap for Transition of Interest Rate Benchmarks: From SOR to SORA
30 August 2019