The CIP rate is set by the Central Bank on a monthly basis. It's generally reflective of the University's cost of short-term borrowing, as approximated by the Secured Overnight Financing Rate (SOFR). However, beginning in October 2022 the Central Bank has been holding the CIP rate at below-market levels.
Note: through September 2022 the CIP rate was based on 3-Month LIBOR, which is being discontinued.
| Period | Average 3-Month LIBOR Rate | Average SOFR Rate |
Harvard CIP Rate |
|---|---|---|---|
| March 2024 | 5.58% | 5.31% | 2.00% |
| February 2024 | 5.58% | 5.31% | 2.00% |
| January 2024 | 5.58% | 5.32% | 2.00% |
| December 2023 | 5.63% | 5.34% | 2.00% |
| November 2023 | 5.64% | 5.32% | 2.00% |
| October 2023 | 5.66% | 5.31% | 2.00% |
| September 2023 | 5.66% | 5.31% | 2.00% |
| August 2023 | 5.64% | 5.30% | 2.00% |
| July 2023 | 5.59% | 5.09% | 2.00% |
| June 2023 | 5.53% | 5.06% | 2.00% |
| May 2023 | 5.37% | 5.02% | 2.00% |
| April 2023 | 5.25% | 4.81% | 2.00% |
| March 2023 | 5.05% | 4.64% | 2.00% |
| February 2023 | 4.89% | 4.54% | 2.00% |
| January 2023 | 4.58% | 4.10% | 2.00% |
| December 2022 | 4.74% | 4.07% | 4.00% |
| November 2022 | 4.65% | 3.72% | 4.00% |
| October 2022 | 4.15% | 3.04% | 4.00% |
| September 2022 | 3.47% | 2.51% | 3.49% |
| August 2022 | 2.95% | 2.28% | 2.97% |
| July 2022 | 2.62% | 1.61% | 2.64% |
| June 2022 | 1.96% | 1.98% | |
| May 2022 | 1.46% | 1.48% | |
| April 2022 | 1.10% | 1.12% | |
| March 2022 | 0.84% | 0.86% | |
| February 2022 | 0.43% | 0.45% | |
| January 2022 | 0.25% | 0.27% | |
| December 2021 | 0.21% | 0.23% | |
| November 2021 | 0.16% | 0.18% | |
| October 2021 | 0.13% | 0.15% | |
| September 2021 | 0.12% | 0.14% | |
| August 2021 | 0.12% | 0.14% | |
| July 2021 | 0.13% | 0.15% | |
| June 2021 | 0.13% | 0.15% | |
| May 2021 | 0.15% | 0.17% | |
| April 2021 | 0.19% | 0.21% | |
| March 2021 | 0.19% | 0.21% | |
| February 2021 | 0.19% | 0.21% | |
| January 2021 | 0.22% | 0.24% | |
| December 2020 | 0.23% | 0.25% | |
| November 2020 | 0.22% | 0.24% | |
| October 2020 | 0.22% | 0.24% | |
| September 2020 | 0.24% | 0.26% | |
| August 2020 | 0.25% | 0.27% | |
| July 2020 | 0.27% | 0.29% | |
| June 2020 | 0.31% | 0.33% | |
| May 2020 | 0.41% | 0.43% | |
| April 2020 | 1.10% | 1.12% | |
| March 2020 | 1.10% | 1.12% | |
| February 2020 | 1.68% | 1.70% | |
| January 2020 | 1.82% | 1.84% | |
| December 2019 | 1.91% | 1.93% | |
| November 2019 | 1.90% | 1.92% | |
| October 2019 | 1.98% | 2.00% | |
| September 2019 | 2.12% | 2.14% | |
| August 2019 | 2.16% | 2.18% | |
| July 2019 | 2.29% | 2.31% |