Regulatory Alerts2016-06-01
SAIBOR/SAIBID Rates - Implementation of Phase 1 New Requirements
The Saudi Arabian Monetary Agency (SAMA) mandates that all domestic banks immediately implement Phase 1 requirements for the SAIBOR and SAIBID benchmark rates. Institutions must establish robust internal methodologies, submit daily offer and bid rates to a Calculation Agent, and maintain actual lending and borrowing commitments with corresponding transaction records. Furthermore, banks are required to submit bi-weekly prudential reports on interbank transactions starting in June 2016 while SAMA finalizes the appointment of independent administrators and calculation agents.
Share