RuRepo

(Ruble Offered Repo Rate) is an independent rate for repurchase agreement in rubles, which is one of the indicators of the Russian money market. It is calculated by the National Finance Association since January 2013. The rating data is published every work day at 12:30 p.m. (Moscow time).

RuRepo is calculated as percent per annum based on the rates announced by the banks in the framework of REPO operations upon placement of finances for the following terms: overnight, 1 week, 2 weeks, 1 month. Thus, four types of RuRepo indicator are distinguished:

1) RuRepo — ON

2) RuRepo — 1W

3) RuRepo — 2W

4) RuRepo — 1M

The calculation is based on the arithmetic mean of rates applied by the banks to place their finances. E.g., if the banks provided information for 9 and more rates, the two highest and the two lowers rates shall be excluded from the calculation and the RuRepo indicator shall be determined based on the remaining rates. If the banks provided data on 6 to 8 rates, one maximum and one minimum value shall be excluded. If banks provided data on 4 or 5 rates, no value shall be excluded. If banks give information on 3 rates only (or less), the index shall not be calculated.

The list of banks participating in calculation of the indicator is prepared by the Expert Council of the calculating organization and shall be reviewed on the annual basis. This list includes the largest Russian banks such as Sberbank of Russia, Bank Saint Petersburg, Gazprombank, VTB, Russian Agricultural Bank, Otkritie Bank, Promsvyazbank, Metallinvestbank, VEB, and MTS Bank.

The diagram below shows the dynamics of RuRepo rates calculated for various terms over the last five years.