Singapore Dollar Swap Offer Rate (SOR) is an implied interest rate, determined by examining the spot and forward foreign exchange rate between the US dollar (USD) and Singapore dollar (SGD) and the appropriate US dollar interest rate for the term of the forward.
[citation needed] SOR reflects the cost of borrowing SGD synthetically by borrowing USD and subsequently "swapping" to SGD by using an FX Swap.
It is an alternative to Singapore Interbank Offered Rate (SIBOR) which is a measure of the interbank money market rates.
Like SIBOR, SOR is set by the Association of Banks in Singapore, and is also publicly available.
[2] Residential property loans in Singapore are no longer pegged to SOR as banks have withdrawn them in 2017.