摘要：Along with the process of globalization,interest rates have become a signifi cant benchmark for the eff ectiveness of banking policies in the money market.In this regard,the focus of the research is the interdependence of central bank interest rates and interest rates on the interbank money market (EONIA,EURIBOR,LIBOR SONIA and OIS).Th e paper analyzes the movement of reference interest rates and their variability over time,depending on the eff ect that the monetary authorities want to achieve.Interest rates on interbank money market and interdependence in the movements of interest rates in the period from 2006 till 2016 have been examined and a positive correlation between them was found.In contrast,the reference interest rates of the leading central banks were moving in line with the monetary authorities’ objectives,so the movements had diff erent directions.During the observed period,the Central Bank of Bosnia and Herzegovina adjusted the interest rates on the fi nancial markets of euro denominated instruments and yields.Th e correla_tion between the interest rates of the European Central Bank for the main refi nancing opera?tions and the average weighted interest rate of the Central Bank of Bosnia and Herzegovina is justifi ed by the use of the currency board in Bosnia and Herzegovina.
其他摘要：Sa procesom globalizacije kamata postaje značajan referentni pokazatelj djelotvornosti politike banaka na tržištu novca.Stim u vezi fokus istraživanja su međuzavisnost kamatne stope centralne banke i kamatnih stopa međubankarskog tržišta novca (EONIA,EURIBOR,LIBOR SONIA i OIS).Rad analizira kretanje referentnih kamatnih stopa i njihovu promjenjivost kroz vrijeme u zavisnosti od efekta koji monetarne vlasti žele postići.Na bazi istraženih rezultata proučena je i međuzavisnost u kretanju kamatnih stopa međubankarskog tržišta novca u period od 2006-2016.godine I utvrđena njihova pozitivna korelacija.Na suprot tome,referentne kamatne stope vodećih centralnih banaka su se kretale u skladu sa ciljevima monetrnih vlasti,tako da su i kretanja imala različite smjerove.Centralna banka BiH se tokom posmatranog perioda prilagođavala izmjenjenim kamatnim stopama na fi nansijskim tržištima instrumenata denominovanih u evro i stopama prinosima.Korelacija između kamatne stope Evropske centralne banke za glavne operacije refi nansiranja i prosječne ponderisane kamatne stope centralne banke BIH se opravdava prisustvom valutnog odbora.
