Nowa - Norwegian Overnight Weighted Average
Nowa is the interest rate on unsecured overnight interbank loans between banks that are active in the Norwegian overnight market. Nowa is based on actual transactions reported on Norges Bank's RPD (money market data reporting) form.
Nowa was established in 2011. 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.
Norges Bank published a news item 26 March 2020 about the calculation of Nowa in the event of insufficient transaction data.
The working group on alternative Norwegian krone reference rates recommended Nowa as an alternative reference rate in September 2019 (pdf).
Nowa is published by Norges Bank for all Norwegian banking days.
- Calculation of Nowa in the event of insufficient transaction data
- Principles for calculating and publishing Nowa (effective from 2020)
- Previous Nowa rules (effective 2011-2019)
- Norges Bank’s money market data collection (RPD)
- Working group on alternative reference rates (ARR) in NOK
- NB Papers: "New principles for Nowa – possible implications