The National Foreign Exchange Association is a non-commercial association of commercial banks, currency exchanges, brokerage firms, and others dedicated to the development and improvement of a high standard foreign exchange market and money market in Russia. Founded in Moscow in 1999, the association had 74 members as of 2005.[1] Among other activities, the National Foreign Exchange Association coordinates with the Bank of Russia in daily setting the Russian Overnight Index Average (Ruonia), which operates similarly to the European Eonia.[2][3]
In 2010, members of the National Monetary Association were 69 financial organizations,[4] including