TONIA

The TONIA indicator (Tenge OverNight Index Average) is a risk-free rate chosen by market participants within the working group on money market indicators with the participation of the European Bank for Reconstruction and Development and second-tier banks of the Republic of Kazakhstan.

Since December 28, 2020, the TONIA has been calculated based on results of each business day as the weighted average of the yield of one-day repo transactions with securities of the GS basket with a cut-off of 5% of deals with the lowest and highest yield. The threshold volume of deals for calculating the TONIA is set at 100 billion tenge. If the threshold value of the volume of deals per day is not reached, the TONIA is determined as the sum of the value of the effective base rate set by the National Bank of the Republic of Kazakhstan, and the average TONIA spread to the base rate for the previous five days.

Until December 28, 2020, the TONIA indicator was calculated after the conclusion of each deal on the day's repo market as the weighted average value of the yield of one-day repo transactions with securities of the GS basket without additional tools to ensure the representativeness of this indicator – cutting off deals with the highest and lowest yield and cascading to the base rate, if the minimum threshold volume of deals is not reached.

Unit of measurement: % per annum

Indicator update time: daily on business days after the end of trading from 17:30 to 20:00 (GMT +06: 00)

Indicator change: calculated when the indicator is published relative to the value of the previous trading day