Sri Lanka, Feb. 24 -- The Monetary Board of Sri Lanka's Central Bank has decided to discontinue the compilation of SLIBOR with effect from 01 July 2020.

The Central Bank will continue to publish SLIBOR based on offered rates submitted by LCBs until 30 June 2020, in order to prevent inconvenience to any participant in the domestic financial market whose outstanding loans or advances are linked to SLIBOR.

Market participants are also advised to switch to an alternative interest rate, such as the Central Bank's policy rates, Average Weighted Call Money Rate (AWCMR), Average Weighted Prime Lending Rate (AWPR), Treasury bill yields in consultation with the respective financial service provider, with an appropriate margin.

The market is also i...