what was the london interbank bid rate libid 
the london interbank bid rate libid was the average interest rate at which major london banks bid for eurocurrency deposits from other banks in the interbank market it was the bid rate that banks were willing to pay for eurocurrency deposits and other banks unsecured funds in the london interbank market while the more popular libor was the offered rate eurocurrency deposits refer to money in the form of bank deposits of a currency outside that currency s issuing country they may be of any currency in any country as a result of the libor rate fixing scandals libid was phased out along with libor beginning in 2021 1understanding the london interbank bid rate libid the london interbank bid rate libid was the other side of the more famous london interbank offered rate libor whereas libor was the ask rate at which a bank is willing to lend eurocurrency deposits to another bank libid was the bid rate at which banks are willing to borrow the difference between the two is the bid ask spread on these transactions when libid was high it meant that borrowers were seeking to borrow funds with increasing demand while libor was a popular benchmark interest rate that was calculated and published by intercontinental exchange ice libid was not standardized or publicly available it was not used outside of the interbank lending market the most common currency deposited as eurocurrency is the u s dollar for example if u s dollars are deposited in any bank outside the u s for example in europe or the u k then the deposit is referred to as a eurocurrency eurodollars in this case the difference between libid and liborboth libid and libor were reference rates set by banks in the london interbank market the london interbank market is a wholesale money market in london where banks exchange currencies either directly or through electronic trading platforms starting in the 1970s libor was the benchmark rate for interbank lending and is calculated for seven maturities for five currencies the swiss franc the euro the pound sterling the u s dollar and the japanese yen before libor fell out of use there were 35 different libor rates released to the market every day libor was phased out due to scandals and questions around its validity as a benchmark rate most libor rates ceased publication on june 30 2023 and were replaced by the secured overnight financing rate sofr as part of this phase out libor one week and two month usd libor rates ceased publication on dec 31 2021 2