LIBOR stands for London Inter Bank Offered Rate.
It is the rate of interset on short term loans in London money market.
So, other banks can borrow from the London interbank market at this specified rate.
LIBOR is the basis on which the interest rate of most of international borrowings by corporate and countries is fixed.
LIBOR was first used : 1986
Number of international banks involved in deciding the rate: 16 member banks