Which of the following correctly defines the term LIBOR?
Answer with explanationAnswer: Option C
The London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.
It serves as a globally accepted key benchmark interest rate that indicates borrowing costs between banks. The rate is calculated and published each day by the Intercontinental Exchange (ICE).
It is based on five currencies including the U.S. dollar, the euro, the British pound, the Japanese yen, and the Swiss franc.