what is the current sonia rate 
the sonia rate calculated published and set on june 15 2023 was 4 42840 1who oversees sonia the bank of england manages and operates the sterling overnight interbank average rate it took control of sonia in 2016 and made changes to its methodology two years later but it was established by wholesale markets brokers association in 1997 prior to this there was no such rate as such there was a greater degree of volatility in the overnight interest rate environment in the united kingdom sonia though brought more stability to these rates it is now used as a broad benchmark for different types of unsecured financial transactions the bottom linethe bank of england is responsible for publishing the sonia rate which is the interest rate benchmark used by banks for different unsecured financial transactions in the overnight sterling market it provides some degree of stability to the country s overnight market and represents the depth of overnight business in the country s financial markets 