Nibor – the Norwegian Interbank Offered Rate

Nibor - the Norwegian Interbank Offered Rate - is a collective term for Norwegian money market rates at different maturities. Nibor is intended to reflect the interest rate level a bank require for unsecured money market lending in NOK to another bank. Norske Finansielle Referanser (NoRe) is from January 1 2017 administrator for Nibor. Nibor is calculated and published by Oslo Børs.

Renteutvikling. Illustrasjonsfoto

Web page for Norske Finansielle Referanser

The rules

Nibor is calculated and published with maturities of one week, one month, two months, three months and six months.

The rules describe 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.

Nibor is calculated as a simple average of interest rates submitted by the Nibor panel banks for each maturity, after omitting low and high rates based on provisions laid down in the rules. The interest rates submitted by an individual panel bank shall reflect the interest rates the bank would charge on lending in NOK to a leading bank that is active in the Norwegian money and foreign exchange markets. The rates should be regarded as the best possible estimates of the market rates, but not as binding offers.

Nibor is published as an annual nominal interest rate over 360 days, as is standard in the foreign exchange market. The percentage return over the term is thus calculated by dividing the interest rate by 360 and multiplying it by the actual number of days to maturity.

NoRe

As from January 1 2017 the Nibor rules are adopted by Norske Finansielle Referanser AS (NoRe), “Norwegian Financial References”. NoRe is a company established and owned by Finance Norway. The purpose of the company is to be administrator of references used in financial instruents and contracts.