Nibor 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. Nibor is calculated and published by Global Rate Set Systems (GRSS) with maturities of one week, one month, two months, three months and six months.
Nibor is calculated as a simple average of the interest rates submitted by the Nibor panel banks for each maturity. The calculation omit highest and lowest interest rates according to the Nibor Calculation Methodology.
Nibor is published as an annual nominal interest rate over 360 days as is standard in the foreign exchange market. Thus, the percentage return over the term is calculated by dividing the interest rate by 360 and multiplying it by the actual number of days to maturity.
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