Norges Bank to administer Nowa benchmark rate from 2020
The rate is calculated based on data provided by 11 banks
Norges Bank will become the administrator of the overnight Nowa rate from January 1, 2020, taking over from the financial industry body Norway Finance, the central bank said today (June 7).
Nowa is the weighted average of interest rates set in agreements concluded by 11 banks, either directly or via a broker, for unsecured loans in krone. The panel banks are obliged to report traded turnover and interest rate figures, or estimated Nowa rates, on a daily basis.
“Before the end of 2019, Norges
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