LIBOR stands for London Interbank Offered Rate (pronounced LIE-bore). LIBOR is a daily rate based on the interest rates at which banks lend unsecured funds to other banks in the London wholesale interbank market.

LIBOR rates are widely used as a reference rate for financial instruments such as:
interest rate swaps
floating rate notes
syndicated loans
adjustable rate mortgages
currencies, especially the US Dollar
LIBOR is published by the British Bankers Association (BBA) shortly after 11:00 each day, London time. The actual rate at which banks will lend to one another will, however, continue to vary throughout the day.