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RUONIA - the average market rate for overnight interbank lending on Friday was set at 15.85%.
The indicator is calculated based on transactions of the top-35 Russian banks and is officially published by the Central Bank of Russia. It also serves as a benchmark for determining the coupon income on most exchange-traded bonds with floating rates.
The RUSFAR ON RUB (overnight in rubles) rate on Friday was 15.77%.
RUSFAR ON CNY (overnight in yuan) was 0.32%.
RUONIA is calculated based on the reporting data of the largest credit institutions in form 0409701 "Report on operations in foreign exchange and money markets" submitted by credit institutions to the Bank of Russia in accordance with the Bank of Russia Instruction No. 6406-U dated April 10, 2023.
RUONIA is the unsecured overnight lending rate in rubles, calculated by the Bank of Russia based on transactions of the top-35 banks, while RUSFAR (Russian Secured Funding Average Rate) is the secured funding rate (repo with a central counterparty), calculated by the Moscow Exchange for different terms (ON, 1M, 3M, etc.).
The main difference between the rates: RUONIA is an unsecured rate, while RUSFAR is a rate for secured transactions. However, both are key indicators of the cost of money in the market and are used for floating rates in bonds.
Review presented by Alexey Grishchenko, Doctor of Economics, Professor of the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" of the Financial University under the Government of the Russian Federation.
