Interbank rates refer to the interest rates at which banks lend to each other in the money market. These rates play a critical role in determining the cost of borrowing and lending for financial institutions and also influence broader financial markets. The most widely known interbank rate is the London Interbank Offered Rate (LIBOR), which is the rate at which banks in London lend to each other for short-term loans. Other interbank rates include the Euro Interbank Offered Rate (EURIBOR), the Tokyo Interbank Offered Rate (TIBOR), and the Hong Kong Interbank Offered Rate (HIBOR).