NIBOR - the Norwegian Interbank Offered Rate - on ten maturities, ranging from one week to a year. 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.  

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.

More information about NOWA

The rules

Common rules for public disclosure were requested both by banks active in the Norwegian interbank market and the Norwegian Central Bank. Both set of rules describes what the different interest rates represents, the requirements laid on the suppliers of data (the panel banks) and how the rates are to be calculated and published.

The decision to establish NOWA was followed by the decision not to include the existing Tomorrow/next-rate and Spot/next-rate in the NIBOR-rules. The new NOWA will provide information which is regarded as sufficient to replace these former two shortest rates.

Two steering groups, one for NIBOR and one for NOWA, are to monitor and evaluate the rules, and make recommendations on approvals as panel banks. Panel banks are approved by Finance Norway’s board on Banking and Payment systems.