RUONIA Rate Drops to 14.42% on Wednesday

17:32; 22 April 2026 year

### Russian Interbank Overnight Rate Hits 14.42% The RUONIA (Ruble Overnight Index Average) rate fell to 14.42% on Wednesday. It is important to note that the coupon payments of most floating-rate bonds are linked to the RUONIA rate. RUONIA is the average rate for unsecured overnight ruble-denominated interbank loans. It is calculated daily by the Central Bank of Russia based on the average value of interbank lending transactions among the top 35 Russian banks and is published on the official website of the Central Bank. On Wednesday, the RUSFAR ON RUB (overnight, rubles) rate stood at 14.45%, while the RUSFAR ON CNY (overnight, yuan) rate was 0.3%. RUSFAR (Russian Secured Funding Average Rate) 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. Both are key indicators of the cost of money in the market and are used for floating rates in 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 terms (overnight, 1 month, 3 months, etc.). This analysis was provided by Alexey Grishchenko, Ph.D., 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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