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Overnight Rate

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PPGPortal > Home > Concept Dictionary > N, O > Overnight Rate
 

Overnight Rate  

The interest rate on very short-term loans between commercial banks.

(Mankiw, N. Gregory, Ronald Kneebone, Kenneth J. McKenzie and Nicholas Rowe. 2008. Principles of Macroeconomics, 4th Canadian ed. Toronto: Thomson Nelson.)

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Generally, the overnight rate will always remain about one quarter of a percent below the bank rate.

     

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