Definition: Commercial interest reference rates
External debt - IMF
A set of currency-specific interest rates for major OECD countries. Commercial interest reference rates (CIRRs) have been established for 13 currencies, the majority of which are based on either the five-year government bond yields or on three-, five- and seven-year bond yields, according to the length of the repayment period. CIRRs are adjusted monthly and are intended to reflect commercial rates.
International Monetary Fund (IMF), "External Debt Statistics: Guide for Compilers and Users; Appendix III. Glossary of External Debt Terms", Washington D.C., 2003