Reverse repo rate

The rate at which the central bank absorbs surplus funds from the banking system, forming the floor of the policy corridor.

Together with the lending rate it defines the band within which overnight money market rates trade, and where the effective rate sits within that band tells you whether the system is short of liquidity or awash with it.

The instruments used to absorb liquidity have changed over time, so the specific facility name in current use should be checked against the central bank's own documentation.

The corridor is the mechanism. The rate is the announcement.