OECD Commercial Interest Reference Rates (CIRRs)

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OECD Commercial Interest Reference Rates (CIRRs)

FEC will apply CIRR rates to financing of export credits and to new interest equalisation indications, offers and agreements.

CIRR Rates are published by the OECD on the 15th of each month and they are valid until 14th of the following month. CIRRs are available on OECD’s website.

FEC will add a premium of 0.2 per cent to the CIRRs when fixing at bid. Interest rates may not be fixed for longer than 120 days.In project finance for repayment terms of up to and including 12 years, the normal CIRR shall apply. For repayment terms in excess of 12 years and up to 14 years, a surcharge of 20 basis point on the CIRR shall apply for all currencies.

CIRR´s for Renewable Energies and Water Projects with repayment period over 11 years are available on OECD’s website.


  • CATEGORY I 2–5 years (8.5 years)
  • CATEGORY II 2–10 years