New Nowa and reference rates
Nowa was established in 2011 after the change in Norges Bank’s liquidity management system from a floor-based system to a quota system.
Between 2011 and 2019, the Nowa rules were laid down by Finance Norway, while Norges Bank was the calculation agent. In 2019, Norges Bank was asked to take over as the administrator of Nowa. The same year, the working group on alternative Norwegian krone reference rates (ARR) recommended Nowa as an alternative reference rate.
Norges Bank took over as administrator of Nowa on 1 January 2020. New principles for calculating and publishing Nowa became effective from the same date.
NB Papers: New principles for Nowa – possible implications
4. desember 2019
Consultation: Principles for calculating and publishing Nowa
Norges Bank's letter of 15 October 2019