MIACR

(Moscow InterBank Actual Credit Rate) is the weighted average actual rate on loans granted by Moscow banks. It is one of the main indicators of the Russian money market. MIACR rates are calculated based on information about deals made by credit institutions from Moscow and the Moscow region on the interbank lending market. Rates are measured as a percentage per annum.

Currently, four types of MIACR rates are computed:

1) rates on ruble loans granted by Moscow banks to the banks that are both residents and non-residents of Russia (MIACR)

2) rates on ruble loans granted by banks in Moscow and the Moscow region to Russian banks with credit ratings Baa3 and higher on Moody’s or BBB- and higher on Fitch and Standard & Poor’s scales as of August 1, 2014 (MIACR-IG)

3) weighted average rates on ruble loans granted by Moscow banks to Russian banks with credit ratings from B3 to B1 on Moody’s scale or from B- to B+ on Fitch and Standard & Poor’s scales as of August 1, 2014 (MIACR-B)

4) weighted average interest rates on US dollar loans granted by Moscow banks (MIACR USD)

MIACR rates can be calculated for different terms:

1) for a period of 1 day (for example, MIACR-B - 1 day)

2) for a period of 2 to 7 days (MIACR USD - 2-7 days)

3) for a period of 8 to 30 days (MIACR - 8-30 days)

4) for a period of 31 to 90 days (MIACR: 31-90 days)

5) for a period of 181 days to 1 year (for example, MIACR-IG: 181 days - 1 year)

The Bank of Russia also calculates the turnover of operations made in the interbank market. The values of these turnovers correspond to the turnovers of the operations based on which MIACR, MIACR-IG, MIACR-B, and MIACR USD rates are calculated. For example, the value of MIACR turnover, 1 day indicator corresponds to the turnover of operations based on which MIACR-B - 1 day is determined.