What is a Reference Rate?

The Commercial Reference Rate (CIRR) is the interest rate on government bonds of the countries of the Organisation for Economic Co-operation and Development. It is adjusted on the 15th of each month.

Business reference rate

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Commercial Reference Rates (CIRR) Yes
It is single
a) Following the principles of Article 15, the commercial reference rates will be
a) The fixed term of the interest rate under any transaction shall not exceed 120 days. If the conditions for official financing support are determined before the contract date, a 20 basis point premium should be added to the commercial reference rate.
b) In the case of official financing support for floating-rate loans, banks and other financial institutions are not allowed to freely choose the lower of the commercial reference rate (at the time of contract signing) and the short-term market interest rate during the term of the loan.

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