KLIBOR's joke

Assalamualaikum wbt

Learning about interest rate is amazing. There are various terms used in the interest rate structure which are Deposit Rates, Interbank Rates, Statutory Costs, Overhead Costs, Base Landing Rate (BLR), Spread and Effective Lending Rate (ELR).

To me, the most attractive rate is interbank rates- Kuala Lumpur Interbank Offer Rate (KLIBOR). I got a joke about this rate...

Actually they want to name it MIBOR for Malaysian Interbank Offer Rate, but a Chinese chap in the committee pointed out that "Bor" in Hokkien means "wife". Therefore, MIBOR could imply "my wife". As they do not wanting to give the impression that wives are traded in the Malaysian interbank money market, they decided on the term KLIBOR.

What a funny joke which I never think about before. I got this story from my Notes to The Prime Minister written by Wong Sulong. We'll never get this from the textbook...trust me~