Moscow interbank credit rates decline in February 2026
The Central Bank of Russia published the monthly average actual rates on Moscow banks' credits (MIACR) for February 2026. Ruble rates for short-term maturities showed a general decline compared to previous months.
Ruble interbank rates show downward trend
The Central Bank of Russia's latest data for February 2026 indicates a continued downward trend in ruble interbank credit rates across shorter maturities.
The one-day MIACR rate for ruble credits stood at 15.30 percent in February, a decrease from 15.68 percent in January and 16.01 percent in December 2025.
The two-to-seven-day rate also saw a reduction, falling to 15.92 percent in February from 16.14 percent in January.
While longer maturities, such as 31-to-90-day credits, were not reported for February and January, they were 16.20 percent in December 2025.
This general easing in short-term ruble funding costs reflects evolving liquidity conditions within the Moscow interbank market.
These MIACR rates are derived from simple averages of daily rates, based on transactions reported by a representative sample of Moscow banks.
Dollar rates stable, credit quality differentiates ruble funding
In contrast to ruble rates, US dollar interbank credit rates in Moscow remained relatively stable in February 2026, with the one-day rate at 3.16 percent, a slight decrease from 3.20 percent in January.
Longer-term dollar rates were largely unreported for recent months.
The data also details ruble interbank lending by credit rating.
For Russian banks with a high credit rating (MIACR-IG), the one-day ruble rate was 15.30 percent in February.
Banks with a speculative credit rating (MIACR-B) faced a slightly higher one-day rate of 15.33 percent.
This modest premium for speculative-grade banks highlights market sensitivity to counterparty credit quality within the ruble interbank segment.