RUONIA Rate Hits 15.34% on Tuesday, Impacting Floating-Rate Bond Coupons

17:27; 10 February 2026 year

### Russian Interbank Rates Hit Highs Amidst Market Volatility The RUONIA (Russian Unsecured Overnight Index Average) rate, which is tied to the coupon payments of a significant portion of floating-rate bonds traded on the stock exchange, reached 15.34% on Tuesday. The RUSFAR ON RUB (Russian Secured Funding Average Rate, overnight in rubles) adjusted to 15.3% on the same day. The RUSFAR ON CNY (overnight in Chinese yuan) stood at 8.92%. RUONIA is the unsecured overnight lending rate in rubles, calculated by the Bank of Russia based on transactions from the top 35 banks. RUSFAR, on the other hand, is the secured funding rate (repurchase agreements with a central counterparty), calculated by the Moscow Exchange for different tenors (overnight, 1 month, 3 months, etc.). The key difference between the two rates is that RUONIA is an unsecured rate, while RUSFAR is based on secured transactions. Both rates are crucial indicators of the cost of money in the market and are widely used for floating-rate bonds. RUONIA is calculated based on the reporting data from major credit institutions using form 0409701 "Report on Operations in the Foreign Exchange and Money Markets," submitted to the Bank of Russia in accordance with the Regulation of the Bank of Russia No. 6406-U dated April 10, 2023. This overview was presented by Alexei Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.

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