The Malaysia Overnight Rate (MYOR) and the Malaysia Overnight Islamic Rate (MYOR-i) are the volume-weighted average rate of unsecured overnight MYR interbank transactions and the volume-weighted average rate of return on Shariah-compliant unsecured overnight MYR interbank placements, respectively.

MYOR and MYOR-i are computed based on actual transactions. The key features and calculation methodologies of MYOR and MYOR-i are detailed in the MYOR and MYOR-i policy document.

MYOR for a given business day is published by 10:00 a.m. on the following business day on the BNM-MYOR website Similarly, MYOR-i for a given business day is made available by 12:00 noon on the following business day on the BNM-MYOR-i website. The following information is published alongside MYOR and MYOR-i:

• Aggregate Volume of MYOR / MYOR-i Transactions

Benefits of MYOR and MYOR-i as interest rate benchmark

MYOR and MYOR-i are robust benchmarks anchored by deep and liquid overnight underlying markets.

In line with prevailing market conventions, overnight interest rate benchmarks such as MYOR and MYOR-i are typically referenced using their compounded averages. The compounded MYOR and MYOR-i exhibit greater stability compared to forward-looking term rates (e.g. KLIBOR), which are susceptible to idiosyncratic market factors on a single day’s fixing, including quarter or year-end volatility.

The adoption of overnight interest rate benchmarks in MYR-denominated financial instruments is consistent with global market developments. This is particularly evident in derivatives markets, where the use of ARR such as SONIA, SOFR, SARON, and TONA—has facilitated enhanced trading synergies and alignment with international market participants' practices.

Comparison between MYOR / MYOR-i vs. KLIBOR

¹ Trimmed average rate is derived by eliminating the highest and lowest rates and averaging the remaining nine rates submitted by KLIBOR submitters.