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Treasury Current Value of Funds RateThe Current Value of Funds Rate (CVFR) is used to calculate interest on overdue Federal Government receivables and to determine the effectiveness of taking cash discounts (I TFM 6-8040.40) on Government payments. Interest charged is simple interest at the rate in effect at the time the debt becomes overdue. The rate of interest remains fixed for the duration of the indebtedness (I TFM 6-8025.20). See Treasury's Cash Management Regulations I TFM Chapter 6-8000 for more information. The CVFR is based on the Treasury Tax and Loan (TT&L) rate for the 12-month period ending the previous September 30, rounded to the nearest whole percent. Published quarterly until 1986, the CVFR is now published annually in the Federal Register by October 31. The rate is calculated quarterly on a 12-month rolling average of the TT&L rate and is subject to revision only if the published rate changes by 2 percentage points at the close of the prior calendar quarter. Changes in the CVFR will be published in a TFM Bulletin. |
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Prior to 1978, Federal agencies determined their own interest rates for overdue debt. Following are the rates in effect during the specified periods from March 1978 to date:
Time Period | Rate | TFM Bulletin Number | Federal Register ( Volume / Date / Page ) |
July 1, 2008 - Dec. 31, 2008 | 3.00% | 2008-07 | |
Jan. 1, 2008 - June. 30, 2008 | 5.00% | 2008-04 | Vol. 72 / Oct. 29, 2007 / 61212 |
Jan. 1, 2007 - Dec. 31, 2007 | 4.00% | 2007-02 | Vol. 71 / Oct. 18, 2006 / 61539 |
July 1, 2006 - Dec. 31, 2006 | 4.00% | 2006-10 | Vol. 71 / July 28, 2006 / 42894 |
Jan. 1, 2006 - June 30, 2006 | 2.00% | 2006-02 | Vol. 70 / Nov. 1, 2005 / 65980 |
Jan. 1, 2005 - Dec. 31, 2005 | 1.00% | 2005-02 | Vol. 69 / Nov. 2, 2004 / 63570 |
Jan. 1, 2004 - Dec. 31, 2004 | 1.00% | 2004-03 | Vol. 68 / Oct. 30, 2003 / 61865 |
Jan. 1, 2003 - Dec. 31, 2003 | 2.00% | 2003-02 | Vol. 67 / Oct. 23, 2002 / 65187 |
July 1, 2002 - Dec. 31, 2002 | 3.00% | 2002-05 | Vol. 66 / Apr. 24, 2002 / 20203 |
Jan. 1, 2002 - June 30, 2002 | 5.00% | 2002-02 | Vol. 66 / Oct. 25, 2002 / 54060 |
Jan. 1, 2001 - Dec. 31, 2001 | 6.00% | 2001-02 | Vol. 65 / Oct. 31, 2000 / 65040 |
Jan. 1, 2000 - Dec. 31, 2000 | 5.00% | 2000-03 | Vol. 64 / Oct. 29, 1999 / 58467 |
Jan. 1, 1999 - Dec. 31, 1999 | 5.00% | 1999-03 | Vol. 63 / Oct. 30, 1998 / 58457 |
Jan. 1, 1998 - Dec. 31, 1998 | 5.00% | 1998-05 | Vol. 62 / Oct. 28, 1997 / 55848 |
Jan. 1, 1997 - Dec. 31, 1997 | 5.00% | 1997-02 | Vol. 61 / Oct. 30, 1996 / 56086 |
Jan. 1, 1996 - Dec. 31, 1996 | 5.00% | 1996-02 | Vol. 60 / Oct. 26, 1995 / 54911 |
July 1, 1995 - Dec. 31, 1995 | 5.00% | 1995-08 | Vol. 60 / Apr. 28, 1995 / 21024 |
Jan. 1, 1995 - June 30, 1995 | 3.00% | 1995-06 | Vol. 59 / Nov. 1, 1994 / 54672 |
Jan. 1, 1994 - Dec. 31, 1994 | 3.00% | 1994-03 | Vol. 58 / Oct. 28, 1993 / 58037 |
Jan. 1, 1993 - Dec. 31, 1993 | 4.00% | 1993-02 | Vol. 57 / Oct. 27, 1992 / 48651 |
Jan. 1, 1992 - Dec. 31, 1992 | 6.00% | 1992-03 | Vol. 56 / Oct. 28, 1991 / 55521 |
Jan. 1, 1991 - Dec. 31, 1991 | 8.00% | 1991-02 | Vol. 55 / Oct. 30, 1990 / 45710 |
Jan. 1, 1990 - Dec. 31, 1990 | 9.00% | 1990-02 | Vol. 54 / Oct. 31, 1989 / 45886 |
Jan. 1, 1989 - Dec. 31, 1989 | 7.00% | 1989-02 | Vol. 53 / Nov. 15, 1988 / 46010 |
Jan. 1, 1988 - Dec. 31, 1988 | 6.00% | 1988-02 | Vol. 52 / Nov. 30, 1987 / 45523 |
Jan. 1, 1987 - Dec. 31, 1987 | 7.00% | 1987-03 | Vol. 51 / Nov. 25, 1986 / 42673 |
Jan. 1, 1986 - Dec. 31, 1986 | 8.00% | 1986-02 | Vol. 50 / Oct. 31, 1985 / 45524 |
Oct. 1, 1985 - Dec. 31, 1985 | 9.00% | 1985-16 | Vol. 50 / Aug. 5, 1985 / 31668 |
July 1, 1985 - Sep. 30, 1985 | 9.00% | 1985-11 | Vol. 50 / May 2, 1985 / 18761 |
Apr. 1, 1985 - June 30, 1985 | 9.00% | 1985-05 | Vol. 50 / Jan. 31, 1985 / 4609 |
Jan. 1, 1985 - Mar. 31, 1985 | 9.00% | 1985-04 | Vol. 49 / Oct. 31, 1984 / 43830 |
Oct. 1, 1984 - Dec. 31, 1984 | 9.00% | 1984-17 | Vol. 49 / Aug. 3, 1984 / 31190 |
July 1, 1984 - Sep. 30, 1984 | 9.00% | 1984-12 | Vol. 49 / Apr. 30, 1984 / 18373 |
Apr. 1, 1984 - June 30, 1984 | 9.00% | 1984-09 | Vol. 49 / Jan. 27, 1984 / 3560 |
Jan. 1, 1984 - Mar. 31, 1984 | 9.00% | 1984-04 | Vol. 48 / Oct. 26, 1983 / 49571 |
Oct. 1, 1983 - Dec. 31, 1983 | 9.00% | 1983-29 | Vol. 48 / July 26, 1983 / 33961 |
July 1, 1983 - Sep. 30, 1983 | 11.00% | 1983-21 | Vol. 48 / May 2, 1983 / 19814 |
Apr. 1, 1983 - June 30, 1983 | 13.00% | 1983-15 | Vol. 48 / Jan. 25, 1983 / 3443 |
Jan. 1, 1983 - Mar. 31, 1983 | 13.00% | 1983-05 | Vol. 47 / Oct. 29, 1982 / 49137 |
Oct. 1, 1982 - Dec. 31, 1982 | 11.98% | 1982-26 | Vol. 47 / Sep. 20, 1982 / 41459 |
July 1, 1982 - Sep. 30, 1982 | 14.26% | 1982-16 | Vol. 47 / June 18, 1982 / 26489 |
Apr. 1, 1982 - June 30, 1982 | 13.22% | 1982-09 | Vol. 47 / Mar. 19, 1982 / 12006 |
Jan. 1, 1982 - Mar. 31, 1982 | 14.39% | 1982-05 | Vol. 46 / Dec. 16, 1981 / 61383 |
Oct. 1, 1981 - Dec. 31, 1981 | 18.35% | 1981-14 | Vol. 46 / Sep. 17, 1981 / 46273 |
July 1, 1981 - Sep. 30, 1981 | 16.19% | 1981-09 | Vol. 46 / June 17, 1981 / 31804 |
Apr. 1, 1981 - June 30, 1981 | 17.74% | 1981-06 | Vol. 46 / Mar. 25, 1981 / 18637 |
Jan. 1, 1981 - Mar. 31, 1981 | 13.14% | 1981-04 | |
Oct. 1, 1980 - Dec. 31, 1980 | 9.09% | 1980-11 | |
July 1, 1980 - Sep. 30, 1980 | 14.72% | 1980-08 | |
Mar. 31, 1978 - June 30, 1980 | 9.00% |
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