The short-term interest rate that is almost immediately affected by changes in the Reserve Bank's monetary policy is the:

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The overnight interbank rate is the short-term interest rate that banks charge each other for borrowing funds overnight to meet their reserve requirements. This rate is almost immediately affected by changes in the Reserve Bank's monetary policy, as it directly reflects the supply and demand of overnight funds in the money market. Changes in the overnight interbank rate can have a significant impact on the broader economy, as it can influence other short-term interest rates such as the 30-day bank bill rate and intercompany lending rates. However, the real interest rate is adjusted for inflation and is not as immediately impacted by changes in the Reserve Bank's monetary policy.

The Short-Term Interest Rate That Is Almost Immediately Affected by Changes