The reform of interest rate benchmarks from LIBOR to new rates has been happening in developed economies since 2014. While this change addresses issues with manipulating LIBOR, the new benchmarks have their own problems like statistical biases and lack of comparability. The new rates are overnight rates without term rates, creating a diverse group of rates instead of a uniform LIBOR family. Some developing economies without money markets are struggling to calculate local benchmark rates, leading them to consider using neighboring markets' interest rates as alternatives.