RUONIA Rates Show Mixed Dynamics Amid Market Volatility

17:10; 21 January 2026 year

### RUONIA Rate Drops to 15.78% on Wednesday On Wednesday, the RUONIA rate fell to 15.78%. It is important to note that the coupon payments of most floating-rate bonds are linked to the RUONIA rate. The RUONIA (Ruble Overnight Index Average) is the average rate applied by banks for short-term overnight lending to each other in rubles. This rate is calculated daily by averaging the rates of interbank lending transactions among the top 35 Russian banks and is published on the official website of the Central Bank of Russia. The RUSFAR ON RUB (overnight, rubles) rate stood at 15.71% on Wednesday, while the RUSFAR ON CNY (overnight, yuan) rate was 0.3%. The RUSFAR (Russian Secured Funding Average Rate) serves as a key benchmark: - It reflects the level of rates in the Russian money market. - It is based on the average values of repo transactions with the central counterparty. - It is included in the list of financial indicators approved by the Central Bank of Russia. It is worth noting that RUONIA is an unsecured rate, while RUSFAR is a secured funding rate, but both are key indicators of the cost of money in the market and are used for floating rates in bonds. RUONIA is the rate for unsecured overnight ruble lending, calculated by the Central Bank of Russia based on transactions of the top 35 banks, whereas RUSFAR is the secured funding rate (repo with a central counterparty), calculated by the Moscow Exchange for different terms (ON, 1M, 3M, etc.). This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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