Day-to-Day Market Rate are daily fixings for the various currencies at the applicable
times and is publicly quoted by Reuters or other equivalent sources. These represent a standardized, historically reliable and traceable quotation which yields high transparency.

The Bank will use the interest rate specified by another source if this is a rate ordinarily used in the market for the currency in question.

Currency specific

NOK: NOWA - the Norwegian Overnight Weighted Average - is defined as a weighted average of interest rates set in agreements concluded by banks, either directly or via a broker, for unsecured loans in NOK, where the loan is paid out on the same day and repayment occurs on the following banking day. NOWA shall be calculated as nominal annual rates for the actual number of days in the year ahead (365 or 366). The percentage return over the term is thus calculated by dividing the interest rate by the actual number of days in the year ahead and multiplying it by the actual number of days to maturity.

USD: The daily effective federal funds rate is an overnight volume-weighted average of rates on trades arranged by major brokers. This is an ACT/360 rate and is calculated by the Federal Reserve Bank of New York. (Please see second column – EFFR)

EUR: €ster (Euro Short-Term Rate) is a volume-weighted deposit rate based on actual transactions above EUR 1 million made by 50 banks that are subject to EU banking regulation. The interest rate is set by the European Central Bank (ECB) and is calculated as an ACT / 360 interest rate.
Eonia is calculated to €ster + 8.5 bp on recommendation from ECB

GBP (as of April 24th 2021): SONIA (Sterling Overnight Index Average) reflects the average cost that banks need to pay to borrow Sterling overnight. The interest rate is calculated as the volume-weighted mean rate based on actual transactions above £25 million. SONIA is administered by the Bank of England and is published at 9am on the following London business day.

SEK: STIBOR stands for Stockholm Interbank Offered Rate, the interest rate banks pay when borrowing money from each other. STIBOR fixing is the average (with the exception of the highest and lowest quotes) of the interest rates.

DKK: Tomorrow / Next rate (T / N) is an unsecured day-to-day reference rate for money market lending (deposit lending) in Danish kroner with denominations starting 1 banking day after the signing date and expiry 2 banking days after signing date.

JPY: (As of December 16th 2021): The Tokyo Overnight Average Rate (TONAR) is the risk-free unsecured interbank overnight interest rate for the Japanese Yen. The Bank of Japan calculates and publishes TONAR and is a transaction-based benchmark for the uncollateralized overnight call rate using information provided by money market brokers.

CHF:As of december 16th 2021):  Swiss Average Rate Overnight (SARON) is an overnight interest rates average referencing the Swiss Franc CHF. It is based on transactions and quotes posted in the Swiss repo market. SARON is administered by SIX. 

PLN: WIBOR rate is quoted by 14 banks – money market dealers selected in the competition by the National Bank of Poland. Selection criterion is the share in the Polish cash instruments and derivative instruments market.

SGD: Singapore Swap Offered Rate, SGD SOR  is calculated via fx-swap based on O/N USD LIBOR. Rate set by Association of Banks in Singapore (ABS).

AUD: RBA OCR (Reserve Bank of Australia Official Cash Rate). The Reserve Bank sets the target cash rate, which is the market interest rate on overnight funds. It uses this as the instrument for monetary policy and influences the cash rate through its financial market operations.

NZD: RBNZ OCR (Reserve Bank of New Zealand Official Cash Rate) is the interest rate set by the Reserve Bank to meet the inflation target specified in the Policy Targets Agreement. The current PTA, signed in December 2008, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3 per cent on average over the medium term.

CAD: The Canadian overnight repo rate (CORRA) is the weighted average rate of overnight general (non-specific) collateral repo trades that occurred through designated inter-dealer brokers and the Canadian Derivatives Clearing Corporation's central counterparty system between 6:00 a.m. and 4:00 p.m. on the specified date as reported to the Bank of Canada.

CZK: The reference interest rate on the interbank deposit market is calculated by the calculation agent from the quotations of reference banks for the sale of deposits (offer). When at least 11 reference banks are quoting, this is calculated by taking the arithmetic mean of the rates net of the two highest and the two lowest rates.

HUF: The active quoting banks submit their quotes each Hungarian working day, by available means of communication, including fax if needed – to the MNB (the Hungarian Central Bank), which calculates the rates. The active quoting banks undertake to quote real interbank lending interest rates at the time of fixing.

Other fixings: Any other fixings are set in much the same way as the LIBOR and EURIBOR fixing. There are some small differences from country to country depending on how developed the interbank markets are, possibly resulting in a different number of banks contributing to fixing in each currency. The way to calculate the fixing in these other currencies are in practice the same.

Countries without fixings: Many peripheral countries are closed for offshore banks or there is no developed interbank market. There is no establishment of contributing a national fixing rate. Anyway in some of these countries there can be found banks quoting prices, however these are not as reliable as an interbank fixing.

Countries without fixings and pricing source: In these countries DNB sets both the BID and ASK.

As of 31st of May 2013, BBA has discontinued to publish rates for some currencies. This has led to a change in the Day-to-Day Marketrate for AUD, NZD and CAD.

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