VILIBOR (Vilnius Interbank Offered Rate) is the average interbank offered rate at which banks are willing (prepared) to lend funds in the Litas to other banks.
Calculated and announced isis 1 night, 1 week, 2 weeks, 1 month, 3 months, 6 months and 1 year VILIBOR. VILIBOR is calculated using said interest rates announced by no less than 5 banks. The banks must be operating in the interbank deposit and credit market and be their major players.
Interest rates are fixed at 11 a.m. Lithuanian local time. For each maturity, VILIBOR is calculated as follows: the highest and the lowest fixed relevant-period interest rates are excluded, and an arithmetic mean of the remaining ones is found.