Money Market Rate Review

17:37; 11 December 2025 year

The RUONIA rate, which serves as the basis for coupon payments on most exchange-traded bonds with floating yields, stabilized on Thursday at 16.37%. RUONIA (Russian Overnight Index Average) is an indicative rate for one-day ruble interbank lending. This indicator is formed as the weighted average of actual overnight lending transactions between the 35 largest Russian banks. The RUSFAR ON RUB (overnight in rubles) rate is 16%. The RUSFAR ON CNY (overnight in yuan) rate is +0.35%. The RUSFAR 1M (one month) rate is 15.89%. The RUSFAR 3M (three months) rate is 15.76%. It is important to note that the RUSFAR rate is an indicator of the cost of liquidity and money market returns. The indicator is calculated as the average rate of repo transactions with a central counterparty over a fixed period. The Central Bank of Russia confirmed that RUSFAR meets the requirements for financial indicators. In addition, around 20 market makers support liquidity in the market, ensuring the stability of quotes. The money market signals expectations for the key rate at 15-16%. This is evidenced 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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