Index group::MIACR (non-investment grade banks)



Organization responsible for index calculation:CBR

Index group description
Moscow Interbank Bid Rate (MIBID) and Moscow Interbank Offer Rate (MIBOR) are calculated for each working day and every maturity as a simple average of daily bid/offered rates of contributing credit institutions for corresponding maturities. Maximal rates (10% of overall number of rates) and minimal rates (10% of overall number of rates) are excluded from the calculation base. Moscow Interbank Actual Credit Rate (MIACR) is calculated for each working day and every maturity as a weighted average of interest rates on interbank loans given by contributing credit institutions (with appropriate correction to avoid double counting). Moscow Interbank Actual Rate on Credits to Banks with Investment Grade Credit Rating (MIACR-IG) is calculated for each working day and every maturity as a weighted average of interest rates on interbank loans given (with appropriate correction to avoid double counting) to banks with high credit rating (from Baa3 on Moody’s scale or BBB on Fitch and Standard&Poor’s scales and higher). Moscow Interbank Actual Rate on Credits to Banks with B Grade Credit Rating (MIACR-B) is calculated for each working day and every maturity as a weighted average of interest rates on interbank loans given (with appropriate correction to avoid double counting) to banks with speculative credit rating (from B3 to B1 on Moody’s scale or from B to B+ on Fitch and Standard&Poor’s scales). Transactions with maximal rates (10% of overall volume of transactions) and transactions with minimal rates (10% of overall volume of transactions) are excluded from the calculation base. Turnover volumes of overall interbank lending, interbank lending to banks with investment grade credit rating and interbank lending to banks with speculative grade credit rating are calculated as the total volume of transactions included in the calculation base of MIACR, MIACR-IG and MIACR-B rates, respectively. Data source: daily reports of a sample of contributing credit institutions operating in the Russian money market (see the Bank of Russia Ordinance No. 2332-U, dated November 12, 2009, "On the List, Forms and Procedure for Compiling and Presenting Credit Institutions Reporting Forms to the Central Bank of the Russian Federation").

Included indices
MIACR-B - 1 day
MIACR-B: 2-7 days
MIACR-B: 8-30 days
MIACR-B: 31-90 days
MIACR-B: 91-180 days
MIACR-B: 181 days - 1 year