Market Rate Stamp Review

18:35; 03 December 2025 year

The RUONIA rate, which is tied to the coupons of most floating-rate bonds, rose to 16.23% on Wednesday. RUONIA is the average interest rate at which Russian banks lend to each other on an overnight basis. It is calculated daily by averaging the interbank lending operations among the top 35 Russian banks and published on the official website of the Bank of Russia. The RUSFAR ON RUB (overnight, rubles) rate was 16.16% on Wednesday. RUSFAR ON CNY (overnight, yuan) was 0.12%. RUSFAR 1M (one month) was 16.10%. RUSFAR 3M (three months) was 15.90%. RUSFAR reflects the cost of borrowing money and the return on the Russian money market instruments. The rate is an average of the repo operations conducted with the central counterparty. The Bank of Russia considers RUSFAR to meet the criteria for financial indicators. More than 200 participants, connected to the central counterparty mechanism for repo operations, form the market rate in an anonymous mode for standard periods: overnight (ON), one week (1W), two weeks (2W), one month (1M), and three months (3M). Approximately 20 market makers also support the quotation. The money market signals expectations for the key interest rate at the level of 15-16%. This is indicated by the money market rates: RUONIA and RUSFAR. The review was presented by Alexei Grishchenko, Ph.D., Professor of the Department of Operational and Industry Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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