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Yes of course, credit rates depend on interest rates (i.e. https://en.wikipedia.org/wiki/Libor), which are set by some group of banks in almost every country Going further bankers analyze the market situation and also national interest rates, which are set by central bankers in every country which has a central bank ...
Normal distribution makes most sense these days for ratesthat are very low, or even negative, like euribor, chf libor Normal distribution is what is assumed by option brokers impliedvolatility quotes for these currencies
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