overnight rate

overnight rate definition - finance
The interest rate used by Canada to set monetary policy. The overnight rate is the rate charged on overnight loans between banks, similar to the Federal Reserve rate in the U.S. Canada in the recent past has had an explicit core inflation target between 1 percent and 3 percent per year.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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