{"id":34644,"date":"2024-03-19T05:54:13","date_gmt":"2024-03-19T05:54:13","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=34644"},"modified":"2024-03-19T05:54:14","modified_gmt":"2024-03-19T05:54:14","slug":"mumbai-interbank-offered-rate-mibor-upsc-economy-notes","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/","title":{"rendered":"Mumbai Interbank Offered Rate (MIBOR) &#8211; UPSC Economy Notes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-economy?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Blog+Economy\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png\" alt=\"\" class=\"wp-image-42386\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\n\n\n<p>The Mumbai Interbank Offered Rate (MIBOR) serves as a critical benchmark for financial transactions within the Indian banking system. This interbank lending rate provides a standardized reference point used by banks when offering loans, determining interest rates, and managing various financial instruments. MIBOR is calculated daily based on submissions from a panel of leading banks in Mumbai, reflecting prevailing market conditions and liquidity dynamics. As one of the key indicators of the cost of funds in the Indian money market, MIBOR plays a pivotal role in shaping monetary policy decisions, influencing borrowing costs, and fostering liquidity management across the financial landscape of India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69e278a73e423\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e278a73e423\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#What_is_Mumbai_Interbank_Offered_Rate_MIBOR\" title=\"What is Mumbai Interbank Offered Rate (MIBOR)\">What is Mumbai Interbank Offered Rate (MIBOR)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#Understanding_the_Mumbai_Interbank_Offered_Rate\" title=\"Understanding the Mumbai Interbank Offered Rate\">Understanding the Mumbai Interbank Offered Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#MIBOR\" title=\"MIBOR\">MIBOR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#MIBID\" title=\"MIBID\">MIBID<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#Calculation_of_MIBOR_and_MIBID\" title=\"Calculation of MIBOR and MIBID\">Calculation of MIBOR and MIBID<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#1_What_is_MIBOR\" title=\"1. What is MIBOR?\">1. What is MIBOR?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#2_How_is_MIBOR_determined\" title=\"2. How is MIBOR determined?\">2. How is MIBOR determined?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#3_What_is_the_significance_of_MIBOR\" title=\"3. What is the significance of MIBOR?\">3. What is the significance of MIBOR?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#4_How_does_MIBOR_affect_borrowers_and_lenders\" title=\"4. How does MIBOR affect borrowers and lenders?\">4. How does MIBOR affect borrowers and lenders?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#5_How_does_MIBOR_differ_from_other_interbank_offered_rates\" title=\"5. How does MIBOR differ from other interbank offered rates?\">5. How does MIBOR differ from other interbank offered rates?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" title=\"In case you still have your doubts, contact us on 9811333901.&nbsp;\">In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edukemy.com\/blog\/mumbai-interbank-offered-rate-mibor-upsc-economy-notes\/#Visit_our_YouTube_Channel_%E2%80%93_here\" title=\"Visit our YouTube Channel &#8211;&nbsp;here\">Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Mumbai_Interbank_Offered_Rate_MIBOR\"><\/span><strong>What is Mumbai Interbank Offered Rate (MIBOR)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>As <strong>India&#8217;s monetary business sectors have continued to develop, India recognized the necessity for a reference rate for its obligation market<\/strong>, leading to the development and introduction of the Mumbai Interbank Offered Rate (MIBOR).<\/li><li><strong>MIBOR is utilized in conjunction with the Mumbai interbank bid and offer rates (MIBID and MIBOR) by the central bank of India to set short-term financial arrangements.<\/strong><\/li><li>The <strong>Mumbai Interbank Overnight Rate (MIBOR) serves as the short-term lending offered rate for Indian commercial banks.<\/strong><\/li><li>MIBOR is calculated based on <strong>contributions from a panel of 30 banks and primary dealers.<\/strong><\/li><li><strong>Established in 1998, <\/strong>MIBOR was modeled after the renowned London InterBank Offered Rate (LIBOR).<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Understanding_the_Mumbai_Interbank_Offered_Rate\"><\/span><strong>Understanding the Mumbai Interbank Offered Rate<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Banks engage in interbank <strong>lending and borrowing to maintain adequate liquidity levels and meet reserve requirements imposed by regulators<\/strong>.<\/li><li>Interbank rates are accessible only to the largest and most reputable financial institutions.<\/li><li>MIBOR is <strong>calculated daily by the National Stock Exchange of India (NSEIL) as a weighted average of lending rates among a group of major banks across India,<\/strong> on loans extended to prime borrowers.<\/li><li>This represents the <strong>interest rate at which banks can borrow funds from other banks in the Indian interbank market.<\/strong><\/li><li>The Mumbai Interbank Offer Rate (MIBOR) is closely linked to the London InterBank Offered Rate (LIBOR). Currently, it is utilized for forward agreements and floating rate debentures. With prolonged use, MIBOR could gain greater significance over time.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MIBOR\"><\/span><strong>MIBOR<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The Mumbai Interbank Offer Rate (MIBOR) was <strong>introduced on June 15, 1998, by the Committee for the Development of the Debt Market, serving as a short-term rate.<\/strong><\/li><li>The <strong>National Stock Exchange of India Ltd (NSEIL) launched the 14-day MIBOR on November 10, 1998, followed by the one-month and three-month MIBORs on December 1, 1998.<\/strong><\/li><li>Since its inception, MIBOR rates have been utilized as benchmark rates for the majority of currency market transactions in India.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MIBID\"><\/span><strong>MIBID<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The <strong>Mumbai Interbank Bid Rate (MIBID) represents the interest rate that one bank would pay another to attract deposits.<\/strong><\/li><li>The MIBID rate is typically lower than the Mumbai Interbank Offered Rate (MIBOR), which is the interest rate charged by a bank on a short-term loan to another bank.<\/li><li>This <strong>difference allows the bank to earn a profit from the spread between the interest earned and paid.<\/strong><\/li><li>MIBID is generally lower than <strong>MIBOR because banks aim to pay less interest when taking loans and seek to earn more interest when lending.<\/strong><\/li><li>Together, MIBID and MIBOR form a bid-offer spread for Indian short-term lending rates.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Calculation_of_MIBOR_and_MIBID\"><\/span><strong>Calculation of MIBOR and MIBID<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Financial Benchmarks India Private Ltd (FBIL) took over the <strong>administration of the overnight interbank rate benchmark from July 22nd, 2015,<\/strong> shifting to a method based on actual traded rates. This replaced the previous <strong>&#8216;FIMMDA-NSE Overnight MIBID-MIBOR&#8217; <\/strong>with &#8216;FBIL Overnight MIBOR&#8217;.<\/li><li>FBIL announces the <strong>benchmark rate for Overnight Mumbai Interbank Offer Rate (MIBOR) daily, excluding Saturdays, Sundays, and local holidays<\/strong>. The rate is determined using actual call money transactions data from the NDS-call platform of Clearing Corporation of India Ltd (CCIL), with CCIL acting as the Calculating Agent. The rate is announced at 10.45 AM each day.<\/li><li>FBIL employs a <strong>transaction-based system to calculate benchmark rates, considering only trades occurring on the Negotiated Dealing System (NDS)-Call System between 9 am and 10 am<\/strong> for computing the Overnight MIBOR.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>MIBOR holds importance as a benchmark interest rate as it serves as a benchmark for other lenders in various financial markets when deciding loan interest rates. <\/strong>For instance, a bank might establish its corporate lending rate by adding MIBOR to an additional rate based on the borrower&#8217;s risk level. MIBOR plays a crucial role in this aspect. However, MIBOR has not yet been established as a lending standard.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_MIBOR\"><\/span><strong>1. What is MIBOR?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>MIBOR stands for Mumbai Interbank Offered Rate. It is the interest rate at which banks in Mumbai lend to one another in the interbank market. It serves as a benchmark rate for various financial transactions and products in India.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_How_is_MIBOR_determined\"><\/span><strong>2. How is MIBOR determined?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>MIBOR is determined daily by the National Stock Exchange of India (NSE) based on the submissions from a panel of select banks. These banks provide their estimates of the interest rates at which they could borrow funds from other banks in the market.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_is_the_significance_of_MIBOR\"><\/span><strong>3. What is the significance of MIBOR?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>MIBOR is significant as it serves as a reference rate for a wide range of financial contracts, including loans, derivatives, and floating-rate securities. It provides a transparent and standardized benchmark for pricing and evaluating financial instruments in the Indian market.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_How_does_MIBOR_affect_borrowers_and_lenders\"><\/span><strong>4. How does MIBOR affect borrowers and lenders?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>For borrowers, MIBOR influences the interest rates they pay on loans and other credit facilities. Lenders, on the other hand, utilize MIBOR as a basis for setting the interest rates they charge on loans and determine the returns on their investments in various financial products.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_How_does_MIBOR_differ_from_other_interbank_offered_rates\"><\/span><strong>5. How does MIBOR differ from other interbank offered rates?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>While MIBOR is specific to Mumbai, other interbank offered rates such as LIBOR (London Interbank Offered Rate) and TIBOR (Tokyo Interbank Offered Rate) are determined in different financial centers. However, all these rates serve a similar purpose of providing benchmarks for interest rates in their respective regions.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. 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Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@EduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The Mumbai Interbank Offered Rate (MIBOR) serves as a critical benchmark for financial transactions within the Indian banking system<\/p>\n","protected":false},"author":17,"featured_media":34645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[209],"tags":[235,2692,232,213,140],"class_list":["post-34644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-notes","tag-economy-notes","tag-mibor","tag-upsc","tag-upsc-notes","tag-upsc_preparation_strategy"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=34644"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34644\/revisions"}],"predecessor-version":[{"id":34646,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34644\/revisions\/34646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/34645"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=34644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=34644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=34644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}