London Interbank Bid Rate - LIBID

The average interest rate which major London banks borrow Eurocurrency deposits from other banks. LIBID is calculated through a survey of London banks to determine the interest rate which they are willing to borrow large eurocurrency deposits.

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Unlike LIBOR, which is determined by the average interest rate which banks are willing to lend eurocurrency deposits, LIBID refers to the rate which banks bid to borrow.