What does MIFOR mean? What is the full form of MIFOR?
The Full Form of MIFOR is Mumbai Interbank Forward Offer Rate.
The Mumbai Interbank Forward Offer Rate (MIFOR) is the rate that Indian banks use as a benchmark for setting prices on forward-rate agreements and derivatives. It is a mix of the London Interbank Offered Rate (LIBOR) and a forward premium derived from Indian forex markets.
The Reserve Bank of India (RBI) banned its use in 2005 in the hopes of curtailing currency speculation, but relaxed that decree a year later, limiting it to interbank transactions only.
KEY TAKEAWAYS
- The Mumbai Interbank Forward Offer Rate (MIFOR) is the rate that Indian banks use as a benchmark for setting prices on forward-rate agreements and derivatives.
- MIFOR is a mix of the London Interbank Offered Rate (LIBOR) and a forward premium derived from Indian forex markets.
- MIFOR is slightly different from LIBOR and MIBOR. Both MIFOR and MIBOR have similar uses in the Indian financial markets, but the difference is that MIFOR brings an element of currency exchange into the mix.
MIFOR
means
Mumbai Interbank Forward Offer Rate
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