RUONIA Rate Drops to 14.81% on Wednesday

17:24; 18 March 2026 year

### Russian Overnight Interbank Rate (RUONIA) Drops to 14.81% On Wednesday, the Russian Overnight Index Average (RUONIA) dropped to 14.81%. It is important to note that the RUONIA rate influences the coupon payments of a significant portion of floating-rate bonds in Russia. RUONIA is the average rate applied by banks when lending to each other on an overnight basis. The rate 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, rubles) rate stood at 14.75%, while the RUSFAR ON CNY (overnight, yuan) rate was 14.32%. RUSFAR serves as a key benchmark: - It reflects the level of interest 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 important to note that RUONIA is an unsecured rate, while RUSFAR is a secured funding rate. 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) 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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