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Treasury Current Value of Funds Rate

The 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.

updates
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Updated January 07, 2009

Current Rates

  • Jan. 1 - Dec. 31, 2009: 3.0%


  • July 1 - Dec. 31, 2008: 3.0%


  • Jan. 1 - June 30, 2008: 5.0%


  • Jan. 1 - Dec. 31, 2007: 4.0%


  • July 1 - Dec. 31, 2006: 4.0%


  • Jan. 1 - June 30, 2006: 2.0%


  • Jan. 1 - Dec. 31, 2006: 2.0%


  • Jan. 1 - Dec. 31, 2005: 1.0%


  • Jan. 1 - Dec. 31, 2004: 1.0%

  • Jan. 1 - Dec. 31, 2003: 2.0%
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updates

Rate History

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 )
Jan 1, 2009 - Dec. 31, 2009 3.00%    
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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