The Prague interbank offered rate (PRIBOR) is the average rate at which banks are willing to lend to each other on the Czech interbank money market. PRIBOR is often used as a reference rate.
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PRIBOR Manipulation
HN News on March 24, 2015 revealed PRIBOR was not a market rate or the rate of the real interest rate, but a fictional figure which does not represent current money market trends. Allegations were made that so-called reference banks manipulated the rate for their own gain, and that such changes resulted in greater income from loans.
The Czech Finance Ministry asked the central bank on April 10, 2015 to investigate whether PRIBOR, the main benchmark for the country's money market, had been manipulated to keep interest rates high.
In a letter to bank governor Miroslav Singer, deputy finance minister Martin Pros referred to "unsettling reports concerning PRIBOR rates, of which the most serious ones include concerns of their manipulation".