Search: interbank overnight rate
RBA Glossary definition for interbank overnight rate
interbank overnight rate – The interbank overnight rate (also known as the cash rate) is the interest rate which banks pay or charge to borrow funds from or lend funds to other banks on an overnight unsecured basis. The Reserve Bank of Australia uses this rate as an operational target for the implementation of monetary policy. The Reserve Bank of Australia calculates and publishes this rate each day on the basis of data collected directly from banks. The interbank overnight rate has been published by the Reserve Bank of Australia since June 1998.
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The Australian Money Market
1 May 1987
RDP
8702
If interbank settlement were on a same day basis, the Reserve Bank would have difficulty forecasting banks' needs for cash and this could lead to larger swings in overnight interest rates. ... Since dealers can always acquire same day funds by borrowing
https://www.rba.gov.au/publications/rdp/1987/8702/the-australian-money-market.html