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Interest rates in the Norwegian money market

Finance Norway adopted in 2011 rules governing the calculation and publishing of Norwegian money market interest rates - NIBOR and NOWA.

NIBOR - the Norwegian Interbank Offered Rate - on ten maturities, ranging from one week to a year. From 1 January 2014 the number of maturities will be reduced to five. NIBOR shall reflect the interest rate level lenders require for unsecured money market lending in NOK, based on interest rates banks charges on lending to leading banks active in the Norwegian money and foreign exchange markets.

The Nibor rules are adopted by Finance Norway, and entered into force 1 August 2011. The rules were last revised on 30 October 2013, entering into force on 9 December 2013.

The calculation agent for Nibor is Oslo Børs. 

More information about NIBOR

NOWA - the Norwegian Overnight Weighted Average - which is a weighted average of interest rates on funds lent in the Norwegian interbank market from the current banking day to the next banking day (overnight).

NOWA is comparable with the Norwegian Central Bank’s key policy rate, both when it comes to maturity and the terms of calculation, as a nominal annual rate for the actual number of days in the year ahead.

The calculation agent for Nibor is Norges Bank (the Norwegian central bank). 

More information about NOWA

Indicative deposit rates

Indicative deposit rates shall give an indication on how the individual banks believe interest rates in the money market is at the moment, and is reported continuously throughout the day.

Indicative deposit rates are not subject to regulations. However, at the fix time the panel banks’ Nibor contributions will be identical to the indicative deposit rates (ask) the panel banks have recently entered into the system of the Nibor calculation agent.  

Indicative deposit rates, and an average of these rates calculated by Oslo Børs, are not intended to be used as reference rates in agreements etc.

More information about Indicative Deposit rates