The Association of Banks in Singapore published a proposal on 4 December to improve the way it calculates SIBOR. SIBOR stands for Singapore Interbank Offered Rate, and is simply an interest rate that banks in Singapore charge to one another. While that may sound like it is completely irrelevant to everyday consumers in SIngapore, it actually could have some significant implications for them. This is because most loans, especially home loans, in Singapore are priced in relation to how high or low SIBOR is. Therefore, consumers can gain from understanding how the SIBOR calculation is going to change and how this change could impact their lives.