LIBOR is the London Interbank Offered Rate, and it's a benchmark interest rate that major global banks use when lending to each other in the international interbank market for short-term loans. This rate is important because it helps determine how much interest banks will charge for things like credit cards and mortgages.Unfortunately, LIBOR has been plagued by scandal in recent years. In 2012, it was revealed that some banks had been manipulating the rate for their own benefit. This led to a lot of public outcries and calls for reform.Thankfully, steps have been taken to improve the integrity of LIBOR. But even so, it remains an important part of the financial world - and one that we need to keep a close eye on.
