BoE reference rates

The latest Bank of England (BoE) reference exchange rates. These are usually updated at around 10:30 CET every working day, with regards to the previous working day.

The reference rates are published for information purposes only. The exchange rates are not official rates and are no more authoritative than that of any commercial bank operating in the London foreign exchange market.

The rates are determined as the mid (arithmetic average) of the bid and ask quotes observed.

Yield Curve

The Bank Rate is the single most important interest rate in the UK. It represents the overnight interest paid by the Bank of England to banks. It is set by the Monetary Policy Committee of the BOE.

SONIA (Sterling Overnight Index Average) is an important interest rate benchmark. It represents the volume-weighted average interest rate banks use to borrow or lend overnight. SONIA is administered by the BOE and published at around 10:00 CET each business day based on transactions on the previous business day.

SONIA and/or SONIA Compounded Index data licensed under the Open Government Licence v3.0 and copyright the Governor and Company of the Bank of England. The trade marks “Bank of England” and “SONIA” are registered trade marks of the Bank of England.

The Yield Curve Spot Rates are the nominal interest rates on UK government bonds with various maturities. The data is published by the BOE each business day, focusing on the previous business day.

A yield curve (also known as the term structure of interest rates) represents the relationship between interest rates and the remaining time to maturity of debt securities. These yields reflext market participants' expectations of future inflation, real interest rates and assessment of various risks.