LONDON INTERBANK BID (LIBID) RATE
\lˈʌndən ˌɪntəbˈaŋk bˈɪd lˈɪbɪd ɹˈe͡ɪt], \lˈʌndən ˌɪntəbˈaŋk bˈɪd lˈɪbɪd ɹˈeɪt], \l_ˈʌ_n_d_ə_n ˌɪ_n_t_ə_b_ˈa_ŋ_k b_ˈɪ_d__ l_ˈɪ_b_ɪ_d__ ɹ_ˈeɪ_t]\
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The average of rates that five major London banks willingly bid for a $10 million deposit for a period of three or six months. This is the interest rate London banks pay to borrow from one another in the interbank market. Also refer to London Interbank Offered Rate (LIBOR).
By Henry Campbell Black
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