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OECD Call Money Interbank Rate

The OECD Call Money Interbank Rate refers to the level of interest rates in the short-term interbank funds market (call market) in OECD member countries. This indicator reflects the prevailing rates at which banks lend and borrow short-term funds from each other to adjust their daily cash positions, typically targeting transactions of extremely short duration ranging from one day to several days. It is the OECD's aggregation and organization of call rate data published by each country's central bank in a comparable format.

There are multiple reasons why this indicator is important. First, the interbank rate is an important barometer of liquidity and credit conditions in the overall financial markets and serves as a benchmark for assessing financial system stability. Second, short-term rates have spillover effects on financial products in general including long-term rates and lending rates, making them indispensable for measuring the impact of monetary policy on the overall economy. Third, by comparing call rates across countries, one can understand the relative tightness of international financial markets and each country's monetary policy stance.

As a general trend, interest rates tend to be relatively stable during periods of good economic conditions, but spike sharply when recessions or financial crises occur. During the 2008 financial crisis, interbank rates surged globally, demonstrating the serious deterioration of credit concerns among banks. Additionally, each country's monetary policy, particularly central bank policy rate decisions, directly affects this call rate. In the current low interest rate environment, comparisons of call rate levels and fluctuation patterns across countries clearly reveal differences in monetary policy and economic conditions.