Money market rates

The money market is where short-term loans and securities are traded. Based on this general definition, the money market is the counterpart of the capital market, where long-term financial contracts are concluded. In international and national statistics, it is customary to allocate maturities of up to (and including) one year to the money market sector.

On the market for central bank money, which is usually described as the money market in the narrower sense, transactions mainly take place between commercial banks looking to offset individual liquidity surpluses or deficits. The interest rates provided here refer to the interbank money market and to transactions between financial counterparties.

The data are partly published in the Statistical Section of the Monthly Report aswell in tables and time series.

The time series and tables contain both the euro short-term rate (€STR) and the euro interbank offered rate (Euribor®).

Detailed information on the euro short-term rate can be found under “further information”. Please take note of the ECB’s disclaimer that it published on its website in its capacity as the administrator of the euro short-term rate. The corresponding link to the ECB website is also included on the €STR page.

Euribor® is the rate at which credit institutions can obtain funds in euro on the unsecured money market. Euribor® interest rates are calculated for loans with five different maturities: one week and one, three, six and twelve months. The European Money Markets Institute (EMMI) is the administrator of Euribor®. Further information on Euribor® provided by the EMMI can be found at the link at the bottom of this page. 

For any commercial use of Euribor® daily data a License Agreement with The European Money Markets Institute (EMMI) is required. Please note the Terms of Use.

Publication of EURIBOR® data does not establish an entitlement to provision of the rates. The Deutsche Bundesbank reserves the right to cease publishing the information on its website in future. All data are supplied without liability. No explicit or implicit assurances or guarantees are made as to the up‑to‑dateness, accuracy, timeliness, completeness, marketability or suitability of the data as interest rates or reference interest rates. The European Money Markets Institute (EMMI), Euribor‑EBF, Euribor ACI, the reference banks, the Euribor Steering Committee, the European Central Bank, Reuters, and the Deutsche Bundesbank shall not be liable in the event of discrepancies, incompleteness or delayed provision of the money market rates in question.