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Private and public banking institutions around the globe set interest rates for their loans. I used to think SOFR was not pertaining to India. When I finally understood what is SOFR, I realised that as a nation, we get a loan in dollars from other nations and the UN. It impacts the banking institutions of India and the national treasury.
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The full form of SOFR is a Secured Overnight Financing Rate. As the name suggests, the SOFR rate is a benchmark interest rate for all dollar-denominated derivatives. This includes loans given by the bank. In simple terms, it is a system that measures the cost of borrowing cash overnight which is collateralized by Treasury securities of a nation. There are some nations that have their own interest rates systems like SONIA and EONIA.
It is important to know SOFR meaning as it is a replacement for the London Interbank Offered Rate (LIBOR). I read in the news that Axis Bank is the first Indian private sector bank which has managed to arrange a deal that links trade with SOFR.
The current SOFR rate is given in the table below :
Rate |
Latest |
Today's Change |
SOFR |
2.28 |
0.00 |
30 - Day Average SOFR |
▲ 1.83264 |
0.02504 |
90 - Day Average SOFR |
▲ 1.31934 |
0.01672 |
180 - Day Average SOFR |
▲ 0.77396 |
0.01249 |
This is all from my end on what is SOFR.
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What is SOFR ?
Tamana
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2 Year
2022-08-12T18:54:17+00:00 2022-08-17T19:41:07+00:00Comment
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