Principles for calculating and publishing Nowa
Norges Bank has drafted new principles for calculating and publishing Nowa, which are now being circulated for comment.
The proposal specifies the dataset, definition, calculation method and publishing routines. Compared with Nowa (Norwegian Overnight Weighted Average) as currently defined, the proposal will entail minor changes to the interest rate on most days.
Norges Bank requests comments on the proposal by 5 November 2019.
Nowa is currently the only unsecured overnight rate in the Norwegian money market and has been recommended as an alternative reference rate in NOK. From 1 January 2020, Norges Bank will take over as administrator of Nowa.
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