The current SONIA rate is 5.25% as of 2023-11-02. You can find the latest SONIA rates analytics and data on MacroVar.

Update: 2023-11-02Rate
UK Interest Rate 5.25%
GBP LIBOR 1 Month 4.2013%
GBP LIBOR 3 Months 5.5785%
GBP LIBOR 6 Months 4.7447%
SONIA rate 5.25%

SONIA Rates Chart

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Sonia Rate Historical Data

2024-06-04 5.2
2024-06-03 5.2
2024-05-31 5.2
2024-05-30 5.2
2024-05-29 5.2
2024-05-28 5.2
2024-05-27 5.2
2024-05-24 5.2
2024-05-23 5.2
2024-05-22 5.2
2024-05-21 5.2
2024-05-20 5.2
2024-05-17 5.2
2024-05-16 5.2
2024-05-15 5.2
2024-05-14 5.2
2024-05-13 5.2
2024-05-10 5.2
2024-05-09 5.2
2024-05-08 5.2
2024-05-07 5.2
2024-05-06 5.2001
2024-05-03 5.2001
2024-05-02 5.2
2024-05-01 5.2
2024-04-30 5.1998
2024-04-29 5.2
2024-04-26 5.1999
2024-04-25 5.1998
2024-04-24 5.1993
2024-04-23 5.1997
2024-04-22 5.1993
2024-04-19 5.1984
2024-04-18 5.1984
2024-04-17 5.1984
2024-04-16 5.1984
2024-04-15 5.1984
2024-04-12 5.198
2024-04-11 5.198
2024-04-10 5.1978

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What is the SONIA rate

SONIA stands for the Sterling Overnight Index Average, and it's the key interest rate benchmark for the British pound sterling (GBP). It represents the average interest rate paid on overnight unsecured loans in the wholesale money markets. SONIA is widely used in financial markets as a reference rate for various financial instruments, including loans, bonds, and derivatives. It's an important benchmark for the UK financial system and is considered a more reliable indicator of market conditions than the previous benchmark, the London Interbank Offered Rate (LIBOR).

SONIA rate details

The Sterling Overnight Index Average, or SONIA, is a crucial interest rate benchmark in the financial landscape of the United Kingdom. This benchmark reflects the average interest rate paid on overnight unsecured loans between financial institutions in the sterling money markets. Unsecured loans are those without collateral, making SONIA a key indicator of the health and stability of the UK financial system.

SONIA is published daily by the Bank of England and represents the weighted average of interest rates on unsecured overnight transactions in the wholesale money market. Unlike the previous benchmark, LIBOR, which relied on banks' submissions, SONIA is based on actual transaction data, providing a more accurate and transparent reflection of market conditions.

This benchmark plays a pivotal role in various financial markets and serves as a reference rate for a wide range of financial instruments. Loans, bonds, and derivatives are commonly linked to SONIA, making it an essential tool for pricing and valuing financial products.

One of the key advantages of SONIA is its resilience to manipulation, as it is based on observable, transaction-based data rather than subjective submissions. This feature enhances the credibility and reliability of SONIA, addressing some of the concerns that arose with benchmarks like LIBOR during the financial crisis.

In summary, SONIA is a vital interest rate benchmark that contributes to the efficiency and integrity of the UK financial system. Its transparency and reliance on actual transaction data make it a trusted reference rate for market participants and regulators alike.

SONIA rate data

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