KUWAIT, Nov 30 (KUNA) -- The Central Bank of Kuwait (CBK) organized a workshop on transitioning away from LIBOR on Tuesday, in collaboration with the Gulf Monetary Council (GMCo).
The workshop was mainly meant to build capabilities, share expertise between GCC central banks and tap the experience of specialized global institutions amidst world trends for transitioning away from LIBOR, the CBK said in a release.
The event enabled the participants to make use of regional and international expertise about the developments of transitioning away from LIBOT and moving to the risk-free rate (RFR), it added.
The impacts of these global trends on monetary and financial stability in the Gulf Cooperation Council (GCC) member countries were also involved, according to the statement.
The Gulf Monetary Council, GCC central banks, Bank of England, British Financial Conduct Authority and European Securities and Markets Authority (ESMA) partook in the CBK-hosted event.
The LIBOR rates, which stand for London Interbank Offered Rate, are benchmark interest rates for many adjustable rate mortgages, business loans, and financial instruments traded on global financial markets. (end)