Data and Statistics
Last Updated: August 21, 2008
International Financial Statistics:
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Interest Rates
Data are presented in the Interest Rates section in the country tables and in the world tables on national and international interest rates.
Discount Rate/Bank Rate (line 60) is the rate at which the central banks lend or discount eligible paper for deposit money banks, typically shown on an end-of-period basis.
Money Market Rate (line 60b) is the rate on short-term lending between financial institutions.
Treasury Bill Rate (line 60c) is the rate at which short-term securities are issued or traded in the market.
Deposit Rate (line 60l) usually refers to rates offered to resident customers for demand, time, or savings deposits. Often, rates for time and savings deposits are classified according to maturity and amounts deposited. In addition, deposit money banks and similar deposit taking institutions may offer short- and medium-term instruments at specified rates for specific amounts and maturities; these are frequently termed “certificates of deposit.” For countries where savings deposits are important, a Savings Rate (line 60k) is also published.
Lending Rate (line 60p) is the bank rate that usually meets the short- and medium-term financing needs of the private sector. This rate is normally differentiated according to creditworthiness of borrowers and objectives of financing.
Government Bond Yield (line 61*) refers to one or more series representing yields to maturity of government bonds or other bonds that would indicate longer term rates.
Interest rates for foreign-currency-denominated instruments are also published for countries where such instruments are important.
Quarterly and annual interest rate data are arithmetic averages of monthly interest rates reported by the countries.
The country notes in the monthly issues carry a brief description of the nature and characteristics of the rates reported and of the financial instrument to which they relate.
A typical series from each of these groups is included in the world tables on national interest rates.
Euro Area Interest Rates
The Eurosystem Marginal Lending Facility Rate (line 60) is the rate at which other monetary financial institutions (MFIs) obtain overnight liquidity from NCBs, against eligible assets. The terms and conditions of the lending are identical throughout the euro area. The Eurosystem Refinancing Rate (line 60r), Interbank Rate (Overnight) (line 60a), and Interbank Rate (Three-Month) (line 60b) are also provided on the euro area table.
A new set of harmonized MFI interest rate statistics is compiled for the euro area MFIs, covering euro-denominated deposits and loans vis-à-vis nonfinancial sectors (other than government) resident in the euro area. The ECB Manual on MFI Interest Rate Statistics (ECB: October 2003) describes compilation procedures for interest rates on household and corporate customers’ deposits and lending—both for stocks and new business. Interest rates on new business cover all business during the reference month in which new agreements with customers resulted from a first-time contract or new negotiation of existing deposits and loans. The two series for interest rates on bad loans and loans for debt restructuring are not included within the MFI interest rate statistics.
Deposit Rate, Households–Stock (line 60lhs) is the volume-weighted average interest paid on outstanding amounts of euro-denominated deposits from households with an agreed maturity up to and including two years. Deposit Rate, Households–New Business (line 60lhn) is the comparable rate for new business with an agreed maturity up to and including one year. Deposit Rate, Corporations– Stock (line 60lcs) is the volume-weighted average interest paid on outstanding amounts of euro-denominated deposits from nonfinancial corporations with an agreed maturity up to and including two years. Deposit Rate, Corporations–New Business (line 60lcn) is the rate for new business with an agreed maturity up to and including one year. Repos (Repurchase Agreements) (line 60lcr) is the counterpart of cash received against securities/gold sold under a firm commitment to repurchase the securities/gold at a fixed rate on a specified date. The repo series includes holdings by households and nonfinancial corporations. At the euro area level, about 40 percent of repos are held by households. Repos are not applicable for most countries. Data are available only for France, Italy, Greece, Spain, and the euro area.
Lending Rate, Households–Stock (line 60phs) is the volume-weighted average interest charged on outstanding amounts of euro-denominated loans to households with an agreed maturity up to and including one year. Lending Rate, Households–New Business (line 60pns) is the rate for new business loans at a floating rate or up to and including a one-year interest rate fixation. Lending Rate, Households– House Purchase, Stock (line 60phm) is the volume-weighted average interest charged on outstanding amounts of euro-denominated loans to households for purchasing or improving housing with a maturity of five years or more. Lending Rate, Households–House Purchase, New Business (line 60phn) is the rate for new business for loans with fixed interest rates between five and ten years. Lending Rate, Corporations– Stock (line 60pcs) is the volume-weighted average interest charged on outstanding amounts of euro-denominated loans to nonfinancial corporations with an agreed maturity up to and including one year. Lending Rate, Corporations–New Business (line 60pcn) is the rate for new business for loans over 1 million euros at a floating rate or up to and including a one-year interest rate fixation.
World Table on International Interest Rates
The world table on international interest rates reports London interbank offer rates on deposits denominated in SDRs, U.S. dollars, euros, Japanese yen, and Swiss francs and Paris interbank offer rates on deposits denominated in pounds sterling. Monthly data are averages of daily rates. The table includes the premium or discount on three-month forward rates of currencies of the major industrial countries against the U.S. dollar.
This table also reports the SDR interest rate and the rate of remuneration. Monthly data are arithmetic averages of daily rates. Interest is paid on holdings of SDRs, and charges are levied on participants’ cumulative allocations. Interest and charges accrue daily at the same rate and are settled quarterly in SDRs. As a result, participants who have SDR holdings above their net cumulative allocations receive net interest, and those with holdings below their net cumulative allocations pay net charges. Other official holders of SDRs—including the Fund’s General Resources Account—receive interest on their holdings and pay no charges because they receive no allocations.
The Fund also pays quarterly remuneration to members on their creditor positions arising from the use of their currencies in Fund transactions and operations. This is determined by the positive difference between the remuneration norm and the average daily balances of the member’s currency in the General Resources Account.
Effective August 1, 1983, the weekly SDR interest rate has been based on the combined market interest rate. That rate is calculated by multiplying the yield on the financial instrument of each component currency of the SDR by the value in terms of SDRs of the currency in the basket. As of January 1, 2006, the pertinent yields (on the financial instrument of each component currency in the SDR basket, expressed as an equivalent annual bond yield) include: the three-month Eurepo rate (60c); the rate on Japanese Government thirteen-week financing bills (60c); the three month U.K. Treasury bills (60cs); and the rate on three-month U.S. Treasury bills (60cs). These series are shown in the table.
The combined market rate is calculated each Friday and enters into effect each Monday. The interest rate on the SDR is 100 percent of the combined market rate, rounded to two nearest decimal places. The rate of remuneration, effective February 2, 1987, is 100 percent of the rate of interest on the SDR.