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What is the interbank rate?

Reported by Boston.com on Thursday, 12 July 2012 (on July 12, 2012)

The London interbank offered rate, more commonly known as Libor, is one of the most important numbers in the financial world. But until the Barclays scandal, it received scant public attention. Here is a primer on Libor, the average interest rate at which banks can borrow from each other. London is mentioned in its name because the benchmark is set in that city. Essentially, Libor is one of the main rates used to determine the borrowing costs for trillions of dollars in loans.

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