Money Market Rates Overview

16:43; 29 April 2026 year

### Russian Overnight Rate Drops to 14.44% The Russian Ruble Overnight Index Average (RUONIA), a key benchmark for short-term interbank lending in Russia, fell to 14.44% on Wednesday. The RUONIA rate serves as a reference point for the coupon payments of many floating-rate bonds. RUONIA represents the average rate at which banks lend rubles to each other on an overnight basis. It is calculated daily by averaging the rates of interbank lending transactions 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 14.84%, while the RUSFAR ON CNY (overnight, yuan) rate was 0.25%. RUSFAR (Russian Secured Funding Average Rate) is another important indicator that reflects the cost of secured funding in the Russian market. It is based on the average rates of repo transactions with a central counterparty and 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 rate. Both rates are used as key indicators of the cost of money in the market and are commonly used for 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 overview was prepared 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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