The revised UZONIA methodology took effect on 1 August 2025. UZONIA measures the average price of short-term interbank liquidity and has been published since 2022.
Repo transactions represented an average 54% of the money market in 2024, 66% in the first half of 2025 and 72% in June 2025. The revised benchmark uses overnight repo transactions and their rates rather than relying mainly on interbank deposits. The methodology was developed with market participants and the CBU–EBRD Money Market Working Group and will be reviewed at least annually.
The broader overnight-repo base should improve floating-rate pricing, transfer pricing and valuation consistency across loans, bonds and money-market instruments; the methodology remains subject to at least annual review.
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