RUONIA Rate Drops to 15.75% on Wednesday

17:16; 04 February 2026 year

### Russian Overnight Rate Hits 15.75% The Russian Ruble Overnight Index Average (RUONIA), a key indicator of short-term borrowing costs among major Russian banks, dropped to 15.75% on Wednesday. This rate serves as a benchmark for the floating coupons of many Russian floating-rate bonds. RUONIA is the average rate at which banks lend to each other overnight in rubles. It is calculated daily by averaging the interbank lending rates among the top 35 Russian banks and is published on the official website of the Central Bank of Russia. On the same day, the RUSFAR ON RUB (overnight ruble rate) stood at 15.66%, while the RUSFAR ON CNY (overnight yuan rate) was at 0.94%. RUSFAR, which stands for Russian Secured Funding Average Rate, is another important benchmark. It reflects the average secured funding rates based on repo transactions with a central counterparty and is also included in the list of financial indicators approved by the Central Bank of Russia. It is important to note that RUONIA is an unsecured rate, while RUSFAR is a secured rate. Both rates are used as key indicators of the cost of money in the market and are often referenced in floating-rate bonds. RUONIA is calculated by the Central Bank of Russia based on transactions among the top 35 banks, while RUSFAR is calculated by the Moscow Exchange for different tenors (overnight, 1 month, 3 months, etc.). This analysis was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.

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