|
OECD Economic Outlook
Select the Annex Table below you want to obtain information about
Table 34 Short-term interest rates
Table 35 Long-term interest rates
Table 36 Nominal exchange rates (vis-à-vis the US dollar)
Table 37 Effective exchange rates
Annex Table 34 - Short-term interest rates
The interest rates shown are averages of daily figures except for Canada (averages of Wednesday rates) and Denmark, Iceland, Ireland, and Poland (yearly averages of end of month rates). For the Euro area and individual Euro area countries from 1999 onwards, and from 2001 onwards for Greece, rates are 3-month EURIBOR.
Definitions of short-term interest rates for individual countries are as follows:
Australia: 90-day commercial bill rate (estimated closing yields on 90-days bank accepted bills). Source: Reserve Bank of Australia.
Austria: 3-month VIBOR rate (Vienna Interbank Offered Rate, since 1st June 1989). Source: National Bank of Austria (OeNB).
Belgium: 3-month Treasury certificate rate (tender rate on 3-month treasury certificates; prior to 1991 figures refer to the rate at issue). Source: National Bank of Belgium (BNB).
Canada: Chartered bank rates for 90-day deposit receipts (actual rates of large transactions at the major chartered banks). Source: Statistics Canada.
Czech Republic: 3-month PRIBOR rate (Prague Interbank Offered Rate). Source: Czech National Bank.
Denmark: 3-month interbank rate. Source: National Bank of Denmark.
Finland: 3-month HELIBOR rate (Helsinki Interbank Offered Rate). Source: Bank of Finland.
France: 3-month PIBOR rate (Paris Interbank Offered Rate). Source: Banque de France.
Germany: 3-month FIBOR rate (Frankfurt Interbank Offered Rate). Data refer to unified Germany from July 1990 and western Germany prior to this date. Since 1999 EURIBOR. Source: Federal Bank of Germany (Deutsche Bundesbank).
Greece: From 2001 onwards, 3 month EURIBOR rate. Previously, 12-month Treasury bills. Source: Bank of Greece.
Hungary: 90-day Treasury bill rate, average yield of bi-monthly auctions. Source: Bank of Hungary.
Iceland: 90-day Treasury bill rate. From January 1988 to October 1992, data refer to "sales on tap, large-quantity purchases", and from November 1992 these are "auctioned primary issues". Source: Central Bank of Iceland.
Ireland: 3-month fixed interbank rate (Dublin; refers to average dealing rates based on data supplied by the financial institutions operating in the market). Prior to January 1990, rates given are those prevailing on the last Friday of each month; after this date, rates given are those prevailing on the last day of each month. Source: Central Bank of Ireland.
Italy: 3-month interbank deposit rate (averages, weighted by the volume of transactions on the Deposit Interbank Market (MID) of daily average rates). Source: Bank of Italy.
Japan: 3-month certificates of deposit rate (average interest rates on 3-month certificates of deposit of city banks, long-term credit banks and trust banks; these certificates are large negotiable CDs sold mainly to non-financial enterprises and local governments). Source: Bank of Japan.
Korea: 91-day traded certificates of deposit rate (yields on the primary and secondary markets). Source: Bank of Korea.
Luxembourg: 3-month Treasury certificate rate (Belgo-Lux). Source: National Bank of Belgium (BNB).
Mexico: 3-month Treasury certificate rate (CETES - Certificado de Tesoreria). Source: Bank of Mexico.
Netherlands: 3-month AIBOR rate (Amsterdam Interbank Offered Rate on 3-month loans). Source: Central Bank of Netherlands (De Nederlandsche Bank).
New Zealand: 90-day bank bill rate (average of market rates at 11 a.m each day for bank bills with approximately 90 days to maturity). Source: Reserve Bank of New Zealand.
Norway: 3-month NIBOR rate (euro-krone interest rates based on monthly averages of quoted daily selling rates for five big banks). Source: Bank of Norway.
Poland: 3-month Treasury bill rate (yield on 13-week treasury bills). Source: Bank of Poland.
Portugal: 86-96 day interbank rate (interbank loans of 86-96 day duration). Source: Bank of Portugal.
Slovak Republic: 3-month interest rate, national market. Source: National Bank of Slovakia.
Spain: 3-month interbank loans (average of the 3-month interbank rate weighted by the value of credit granted). Source: Bank of Spain.
Sweden: 3-month rate on Treasury discount notes (effective rate of 3-month Treasury discount notes which were introduced in July 1982). Source: Bank of Sweden (Sveriges Riksbank).
Switzerland: 3-month Euro-deposit rate (rate paid on the Euro-money market on three-month deposits). Source: Swiss National Bank.
Turkey: From 1989 to 1991: overnight interest rates, annual simple basis. Source: Central Bank of Turkey. From 1992 to 1997: Treasury bill rate, 3-months or close to maturity realised at Treasury auctions, compounded and weighted by net sales. Source: Undersecretariat of Treasury and OECD calculations. From 1998 onwards: Treasury bill rate, 3-months or closest maturity traded in the secondary market, compounded and weighted by the volumes. Source: Istanbul Stock Exchange and OECD calculations.
United Kingdom: 3-month rate on interbank loans (mean over the month of the bid and offered rates observed daily at about 10.30 am for sterling deposits). Source: Bank of England.
United States: 3-month eurodollar rate (interest rates on United States dollar three-month deposits in London); Source: Bank of England.
Euro area: prior to 1999: weighted averages; Euro area and Euro area countries from 1999 onwards: 3-month EURIBOR (European Interbank Offered Rate; offered between major banks trading in euros). Source: European Central Bank.
Sources: OECD, Main Economic Indicators.
Related links: Long-term interest rates (Annex Table 35)
Last updated: 15 March 2007
Back to top
Annex Table 35 - Long-term interest rates
The interest rates shown are averages of daily figures with the exception of Canada (averages of last Wednesday of the month rates), Japan, Australia, Denmark and Iceland (end of month rates) and France and Ireland (last Friday of the month). These rates measure the yield on long-term government bond on the secondary market with residual maturity of about 10-years.
Definitions of long-term interest rates for individual countries are as follows:
Australia: 10-year Commonwealth Treasury bond yield. Source: Australian Reserve Bank.
Austria: 10-year government bond yield. Source: National Bank of Austria (OeNB).
Belgium: Government bond yield (more than 5 years, i.e. yield of government bonds with maturities of 6-years and over). Source: National Bank of Belgium (BNB).
Canada: Federal government bond yield (more than 10 years). Source: Statistics Canada.
Denmark: 10-year central government bond yield. Source: National Bank of Denmark.
Finland: 10-year government bond yield (bid rates for issues with maturities of 10 years). As from 1 January 1999, the 10 year yield is based on quotations for a fixed rate bullet serial bond maturing on 25 April 2009. Source: Bank of Finland.
France: Public and semi-public sector bond yield. Source: Banque de France.
Germany: Federal bond yield (outstanding listed federal securities with residual maturities of over 9 to 10 years). Data refer to unified Germany from July 1990 and western Germany prior to this date. Only bonds deliverable at the DTB (German Financial Futures Exchange) are included. Source: Federal Bank of Germany (Deutsche Bundesbank).
Greece: 10-year government bond yield. Source: Bank of Greece.
Iceland: Non-indexed 5-year government bond yield. Source: Central Bank of Iceland.
Ireland: 15-year government bond yield. Source: Central Bank of Ireland.
Italy: 10-year government bond yield (gross yields of Treasury bonds traded on the Italian Exchange, M.O.T., with a residual maturity of 10 years). Source: Bank of Italy.
Japan: 10-year interest-bearing government bond yield. Source: Bank of Japan.
Korea: 5-year bond yield (National Housing Bonds Type 1 with a maturity of 5 years). Source: Bank of Korea.
Luxembourg: Long term government bond yield. Source: Central Bank of Luxembourg.
Mexico: 1-year Treasury certificate rate (CETES - Certificado de Tesoreria). Source: Bank of Mexico.
Netherlands: 10-year government bond yield. Source: Central Bank of Netherlands (De Nederlandsche Bank).
New Zealand: 10-year government bond yield (10-year benchmark was the 15 November 2006 bond from 1 September 1996 to 19 March 1998; the 15 July 2009 bond from 20 March 1998 to 12 September 2000; the 15 November 2011 bond from 12 September 2000 to 30 August 2002; the current benchmark is the 15 April 2013 bond). Source: Reserve Bank of New Zealand.
Norway: 6-10 year central government bond yield (Central Government bonds with average expected remaining maturities of 6-10 years). Source: Bank of Norway.
Portugal: 10-year government debt bond yield. Source: Bank of Portugal.
Poland: 10-year government bond yield. Source: Eurostat.
Slovak Republic: Yield of long term government bond yield. Before September 2000, data refer to average interest rate yield for Government Bonds achieved on the primary market (with 2 years maturity). From September 2000, data refer to yields on 10-year benchmark bonds. Source: Eurostat.
Spain: Long-term government bond yield (weighted average yields of bonds with maturities of more than two years, weighting the yield each operation by the negotiated amount). Source: Bank of Spain.
Sweden: 10-year government bond yield (with the exception of 1994, for which data refer to 9-year government bonds. Source: Bank of Sweden (Sveriges Riksbank).
Switzerland: 10-year Confederation bond yield (Before 1998, average yield on Confederation bonds). Source: Swiss National Bank.
Turkey: From 1986 to 1991: 6-months Treasury bills, compounded basis. Source: Central Bank of Turkey. From 1992 to 1997: 6-months Treasury bills and up, compounded and weighted by net sales. Source: Undersecretariat of Treasury and OECD calculations. From 1998 onwards: Treasury bills and bonds 6-months or closest maturity, traded in the secondary market, compounded and weighted by the volumes. Source: Istanbul Stock Exchange and OECD calculations.
United Kingdom: 10-year government bond yield. Source: Bank of England.
United States: 10-year government bond yield. Source: Federal Reserve Board.
Euro area: Weighted average of 10-year government bond yield in euro area countries.
Sources: OECD, Main Economic Indicators and OECD Financial Statistics. Some series are not strictly comparable over time due to changes in definitions or in institutional arrangements. For further details on historical data, see also OECD Financial Statistics, Methodological Supplement, 1991-92.
Related links: Short-term interest rates (Annex Table 34)
Last updated: 15 March 2007
Back to top
Annex Table 36 - Nominal exchange rates (vis-à-vis the US dollar)
Definition: Nominal exchange rates vis-à-vis the US dollar.
Sources: International Herald Tribune and Financial Times.
Last updated: 15 March 2007
Back to top
Annex Table 37 - Effective exchange rates
Nominal effective exchange rates are calculated for 30 OECD countries and twelve non-OECD countries (Argentina; Brazil; China; Chinese Taipei; Hong Kong, China; India; Indonesia; Malaysia; the Philippines; Russia; Singapore and Thailand). The Czech Republic, Hungary, Poland, the Slovak Republic and Russia are included in the index only since January 1993. Forty-six export markets are considered: 30 OECD countries, twelve non-OECD countries and four zones.
The calculation of competitiveness indicators and nominal effective exchange rates uses a system of weights based on a double-weighting principle, which takes account of the structure of competition in both export and import markets. A discussion of this methodology is given in Durand et al. (1998), and Durand et al. (1992). For each year, starting in 1970, the procedure calculates for a given country the relative importance of its competitors in the domestic and foreign markets (which is determined by the pattern of supply - imports plus domestic output - on each market), and then weights it according to the relative share of the different markets in the total demand (exports plus domestic demand) directed at this country.
The nominal effective exchange rate index is a chain-linked index with base period 2000. Percentage changes in the index are calculated by comparing the change in the nominal exchange rate index of a given country to a weighted average of changes in its competitors’ nominal exchange rate indices, using the weighting matrix of the previous year. The indices of nominal effective exchange rates are then calculated from a starting period by cumulating percentage changes. This gives a set of effective exchange rates based on moving weights.
Sources: OECD calculation
Last updated: 15 March 2007
Back to top
Back to Notes homepage
|
