• The Central Bank's rate is a reference, published once a day by the CBR based on exchange trading. It is not a price any bank is required to honor when you walk in.
• The bank's rate is the counter price a specific bank is willing to buy or sell currency for today at its branches. This price always differs from the CBR rate: when you sell, the bank pays less; when you buy, it charges more.
• The gap between "buy" and "sell" at a single bank is called the spread. It is not a "tax" — it's the mechanism that lets the bank cover its costs and earn a margin.
• Different banks in the same city quote different rates on the same day. That's normal: banks don't "collude" — each sets its own price based on its currency stock, customer flow, and FX strategy.
• The widget below shows rates at Moscow banks — you can see both the spread and the gap to the CBR rate.

Below is the detailed breakdown: how exactly the CBR calculates its rate, why a bank always sets its own price, and how this knowledge helps you exchange more cheaply.

What the CBR official rate is

The Central Bank of Russia sets an official ruble exchange rate against the main foreign currencies every day. The rate is published on the CBR's website and takes effect the next business day.

The methodology is short: the CBR takes a volume-weighted average from trading on the Moscow Exchange (MOEX) — and, since 2022, also from off-exchange (OTC) deals — over a defined window of the trading day. The data is processed, and the result is a single figure for the next day.

Importantly, the CBR rate is a public reference, not a "mandatory price". The CBR does not buy or sell currency from individuals at this rate. This rate is used:

• To calculate taxes and duties (for example, when importing goods).
• For state settlements and parts of official reporting.
• By many companies as a "neutral" reference for settlements among themselves.
• As the benchmark banks use when setting their own counter rates.

The CBR does not deal with individuals at a teller window. So when you see the CBR rate in the news, it's a "compass" — not "the exchange price at the Sberbank on the corner today".

What the bank's counter rate is

The counter rate is the pair of prices a bank posts on its branch rate board or in its app.

Buy rate. How many rubles the bank will give you for one unit of currency you are selling to it. This price is below the CBR rate.

Sell rate. How many rubles the bank wants for one unit of currency you are buying from it. This price is above the CBR rate.

Between these two prices is the spread. The bank earns the difference: it bought from one customer cheaper and sold to another at a higher price.

This gap is always there. It's not "fraud" or a "hidden fee" — it's the basic model of a bank's retail FX business everywhere in the world. The spread covers:

• The risk that the rate moves between buying from a customer and selling on (currency may sit at the cash desk for a day or two).
• The cost of cash collection, storage, verification, and packaging of banknotes.
• Operating costs of the cash desk and branch rent.
• Part of the bank's margin.

Why different banks quote different rates

This is the second key point. On any given day in Moscow, one bank's USD buy rate may be, say, 89.5 ₽ while another's is 89.1 ₽. That's not "chaos on the market" — it's each bank reacting to its own internal conditions.

What matters:

• How much currency the bank has on hand. If the cash desks are overflowing with USD and sales are slow, the bank will lower its buy rate to slow customer flow.
• What corporate deals are in play. If a large client is buying a sizable amount of currency from the bank, the bank tops up its reserves through the market and prices that into its retail rates.
• The bank's FX strategy. Some banks actively compete for retail customers and run a narrow spread; others treat currency exchange as a side service and don't push for the maximum.
• Which trading session is open. The ruble moves throughout the day; banks may refresh their counter rates 1 to 3 times a day, and some do it faster than others.

That's why two neighbouring banks on Tverskaya can quote noticeably different rates. The widget below brings this together at a glance:

What the exchange (interbank) rate is and why it matters

The "ground floor" of the whole system is the Moscow Exchange (MOEX). The USD/RUB, EUR/RUB, and CNY/RUB rates are set live in trading between banks, corporate clients, and brokers. This is also known as the exchange or interbank rate.

The exchange rate is the "fairest" price of the ruble. As noted above, the CBR rate is calculated from MOEX data. Bank rates for individuals also start from the exchange rate, but with adjustments for spread, operating costs, and risk.

For a retail customer this means: if you want a price as close to the exchange rate as possible, don't use the cash desk. Use a non-cash conversion through the exchange. Most major Moscow banks offer FX accounts and broker apps that let you buy or sell currency at the MOEX rate with a minimal fee. A counter exchange does not give you that — the spread is too wide.

Comparison table: CBR rate, MOEX, bank

How to use this knowledge about different rates

A few practical takeaways.

Don't blame the bank for a "bad" rate versus the CBR. The spread is normal. Compare a bank's counter rate not with the CBR rate, but with rates at other banks at the same moment. The widget in this article does that for you.

If the amount is large, consider a non-cash route. Buying or selling currency via the exchange through a broker or FX account is almost always cheaper than exchanging cash. The spread on non-cash conversion at major banks is about 0.2 to 0.5%. The spread at a cash desk is 1 to 3%. On $5,000, a 1% difference is $50 — and that adds up.

Watch the exchange rate if you're planning a large conversion. A good moment to exchange at a bank is "the morning after a quiet night on the exchange". Sharp moves get priced into the bank's spread, making cash exchange more expensive.

Don't try to exchange "at the CBR rate" at a bank. Don't bother arguing with the teller: the bank owes you nothing at the CBR rate. You can only ask, "what's your current counter rate?" — and compare it with the widget.

What matters in practice

• The CBR rate is a reference. At the moment of the deal, don't look at the CBR — look at the bank's rate board.
• The spread is normal. The narrower the spread, the more generous the bank is to the customer. A perfectly "zero" spread doesn't exist.
• Different banks mean different rates. Compare them. The widget in this article and in the guide on how to find the best rate in Moscow is the main comparison tool.
• Cash exchange is not the cheapest way to convert. If the task is to "buy a lot of currency", a non-cash route via the exchange is often cheaper.

Where to read next

• How to find the best exchange rate in Moscow — a comparison method.
• Currency exchange commission at a bank — on hidden fees and the spread.
• When is the best time to exchange currency in Russia — on time of day and day of week.

FAQ

Why doesn't the bank exchange at the CBR rate?

The CBR rate is a public reference, not a binding price. The bank always sets its own counter price, with a spread that covers its operating costs and risk.

What is the spread?

It's the gap between the buy and sell price of a currency at one bank. There is always a spread. For the US dollar at Moscow cash desks it's typically 1 to 2 rubles, for the euro 1.5 to 2.5 rubles, for the yuan 0.3 to 0.6 rubles.

Is there anywhere to exchange "at the MOEX rate"?

Via the exchange — yes, through a broker app or a bank FX account. That's a non-cash exchange. A cash desk exchange at the MOEX rate is not available.

When is the CBR rate published?

Every business day in the evening (for the following business day). The rate takes effect the next business day — Friday's rate applies through the weekend.

Why do two neighbouring banks quote different rates?

Each bank sets its rate based on its currency stock, customer flow, and strategy. They don't "collude". In the same city on the same day, different banks can quote rates that differ by several kopecks.

Which is cheaper: a cash exchange or an exchange-based purchase?

An exchange-based purchase via an FX account or broker at a major bank is almost always cheaper than a cash exchange thanks to a narrower spread. On large amounts the difference becomes significant.