Overview of money market rates

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The RUONIA rate, which serves as the basis for coupon payments on most exchange-traded floating-yield bonds, stabilized on Thursday at 16.83%.

RUONIA (Russian Overnight Index Average) is an indicative one-day ruble interbank lending rate.

This indicator is formed as a weighted average of the actual overnight lending transactions between the 35 largest Russian banks.

The rate of RUSFAR ON RUB (overnight in rubles) is 16.71%.

RUSFAR ON CNY (overnight in yuan) -0.23%.

The rate of RUSFAR 1M for one month is 16.69%.

The rate of RUSFAR 3M for three months is 16.61%.

It should be noted that the RUSFAR rate serves as an indicator of the cost of attracting liquidity and profitability of the money market.

This indicator is calculated as the average rate on REPO transactions with a central counterparty for a fixed period.

The Bank of Russia has confirmed the compliance of RUSFAR with the requirements for financial indicators.

In addition, the liquidity of the market is supported by about 20 market makers that ensure the stability of quotations.

The money market is signaling expectations for a key rate of 16-17%. This is evidenced by the indicators of money market rates: RUONIA and RUSFAR.

The review was presented by Alexey Grishchenko, Doctor of Economics, Professor of the Department of Operational and Industry Management at the Faculty of Higher School of Management at the Financial University under the Government of the Russian Federation.