BBA LIBOR: The world's most important number now tweets daily

The benchmark for an estimated $350 trillion worth of financial contracts worldwide is now using the online messaging service Twitter to provide daily updates to borrowers.

The British Bankers' Association announced today it is now publishing its key benchmark figure (three-month sterling LIBOR) on Twitter every afternoon, shortly after it is announced to the financial markets. The figure is seen as one of the key economic indicators of the economy and is also directly related to many bank loans and mortgage interest rates.

The BBA has launched a dedicated website of LIBOR resources - bbalibor.com - for businesses, students and anyone with an interest in how the markets set interest rates for borrowing.

LIBOR- short for the London Inter-Bank Offered Rate - reflects the interest rates banks charge each other when they borrow money for the short term (for durations ranging from overnight to one year, in 10 currencies). In recent months it has been seen as the best indicator for the availability of credit in the world's financial markets, and has been gradually falling since the world's financial stability initiatives were announced in October 2008. This demonstrates the gradual but continuing thaw in the lending markets, which are the engine room for the global economy.

Now anyone with web access can get free daily updates of the key LIBOR rate via Twitter.

John Ewan, the director for BBA LIBOR, said: "Only 18 months ago LIBOR was virtually unknown to the public: only economists followed its daily moves. Today it is as well-known - and as keenly watched - as the Bank of England's base rate, since so many loans are linked to it."