Oct. 30 (Bloomberg) -- The London interbank offered rate, or Libor, that banks charge each other for three-month loans in dollars dropped 23 basis points to 3.19 percent, its 14th straight drop, according to the British Bankers' Association.

The overnight dollar rate tumbled 41 basis points to 0.73 percent, the lowest level since at least January 2001 and 25 basis points below the Federal Reserve's target.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

Last Updated: October 30, 2008 07:52 EDT