Starting from 1 January 2022, the Bank of Russia will start using the SOFR and the €STR benchmarks in its FX swap transactions

The Bank of Russia has decided to start using the SOFR and the €STR benchmarks to calculate the rates for its FX swap transactions. Starting from 1 January 2022, the Bank of Russia will use the SOFR instead of the LIBOR USD O/N in FX swaps to buy/sell US dollars for rubles and the €STR instead of the LIBOR EUR O/N in FX swaps to buy/sell euros for rubles. The other parameters for the FX swap transactions of the Bank of Russia will remain unchanged.

The decision has been made in accordance with the global interest rate benchmarks reform, as part of which the LIBOR USD O/N and the LIBOR EUR O/N will be discontinued in the upcoming years. The Bank of Russia currently uses these benchmarks to calculate the rates for its FX swap transactions.

The reference to the Press Service is mandatory if you intend to use this material.