RUONIA Rate Drops to 15.26% on Wednesday

17:19; 04 March 2026 year

### Russian Overnight Rate Drops to 15.26% The Russian overnight interbank lending rate (RUONIA) fell to 15.26% on Wednesday. It is important to note that the coupon payments of most floating-rate bonds are tied to the RUONIA rate. RUONIA is the average rate applied by banks when providing short-term loans to each other for a period of one day ("overnight"). The rate is calculated daily by averaging the rates of interbank lending operations among the top 35 Russian banks and is published on the official website of the Central Bank of Russia. On Wednesday, the RUSFAR ON RUB (overnight, rubles) rate stood at 15.27%, while the RUSFAR ON CNY (overnight, yuan) rate was 5.6%. RUSFAR serves as a key benchmark: - It reflects the level of rates in the Russian money market. - It is formed 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 (Ruble Overnight Index Average) is the unsecured overnight lending rate in rubles, calculated by the Central Bank of Russia based on transactions among the top 35 banks. RUSFAR (Russian Secured Funding Average Rate), on the other hand, 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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