Bank Negara Malaysia announced Thursday that it will phase out the Kuala Lumpur Interbank Offered Rate (KLIBOR) and transition to the Malaysia Overnight Rate (MYOR) and Malaysia Islamic Overnight Rate (MYOR-i). The central bank said in a statement that KLIBOR will be discontinued effective January 1, 2029. MYOR and MYOR-i, introduced in 2021 and 2022, respectively, are transaction-based benchmark rates derived from actual dealings in active and liquid money markets, aimed at enhancing transparency and robustness in Malaysia’s interest rate framework.