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Currency interest rates

The following base rates are used to calculate

  • Overdraft interest on currency current accounts,

  • Credit interest on accounts linked to the US Federal Reserve (FED) rate,

  • Credit interest on accounts linked to the European Central Bank rate, and

  • Discounts on advances under an invoice finance facility.
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    Current base rate (%) figures last updated on 17th May 2024.

    Currency Code Rate used Central bank website Currency base rate (%)*
    UAE dirham AED AE Repo Rate www.centralbank.ae/en 5.6500
    Australian dollar AUD AU Target Cash Rate www.rba.gov.au/ 4.3500
    Canadian dollar CAD CA Target ON Rate www.bankofcanada.ca/ 5.0000
    Swiss franc CHF Swiss Franc 3 Month Target LIBOR Rate www.snb.ch/en/ 1.5000
    Chinese renminbi CNY Chinese Renminbi Domestic Interest Rate www.boc.cn/en/ 2.5000
    Czech koruna CZK CZ 2W Repo Rate www.cnb.cz/cs/ 5.2500
    Danish krone DKK DK Lending Rate www.nationalbanken.dk 3.7500
    Euro EUR ECB Refinancing Rate www.ecb.europa.eu 4.5000
    Hong Kong dollar HKD HK Base Rate www.hkma.gov.hk/eng 5.7500
    Hungarian forint HUF HU Base Rate www.mnb.hu/web/en 7.7500
    Israeli shekel ILS  IL Benchmark Interest Rate www.boi.org.il/en 4.5000
    Indian rupee INR IN Repo Rate Liquidity Adjustment Facility  www.rbi.org.in/ 5.1500
    Japanese yen JPY Bank of Japan FX Policy Rate Balance www.boj.or.jp/ 0.1000
    Moroccan dirham MAD MA Monetary Policy Rate www.bkam.ma/ 2.5000
    Mexican peso MXN MX Target Rate www.banxico.org.mx/ 11.0000
    Norwegian krone NOK Norwegian Krone Domestic Interest Rate www.norges-bank.no/en/ 4.5000
    New Zealand dollar NZD NZ Cash Rate www.rbnz.govt.nz/ 5.5000
    Philippine peso PHP Philippine Peso Overnight Bond Repo www.bsp.gov.ph/ 6.5000
    Polish zloty PLN PL Reference Rate www.nbp.pl/ 5.7500
    Qatari rial QAR QA Lending Facility www.qcb.gov.qa/ 6.2500
    Romanian leu RON RO Monetary Policy Rate www.bnr.ro/ 7.0000
    Saudi riyal SAR Saudi Arabian Riyal 6 month SAIBOR www.sama.gov.sa 6.0608
    Swedish krone SEK Sweden Repo Rate www.riksbank.se/en-gb/ 3.7500
    Singapore dollar SGD Singapore Dollar Domestic Interest Rate www.mas.gov.sg/ 3.5697
    Thai baht THB TH Policy Rate www.bot.or.th/ 2.5000
    Turkish lira TRY Turkish Lira Central Bank Repo www.tcmb.gov.tr/ 50.0000
    US dollar USD US Federal Funds Target Rate www.newyorkfed.org/ 5.5000
    South African rand ZAR  South African Rand Bond Repo www.resbank.co.za/ 8.2500

    Please note

    • For currency overdraft where the rate is negative, we will apply 0.00%.
    • For invoice finance facilities where the rate is negative, we will apply 0.00%.
    • For the EUR Currency Call Instant Access accounts, we apply 0.00%.
    • USD credit interest equals the FED rate minus your margin.
    • If USD credit interest is less than 0.00%, we reserve the right to apply fees. This is stated in our terms & conditions.