Russian Interbank Market Rates (RUONIA, RUSFAR) Overview

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RUONIA, the reference rate for a significant portion of floating-rate exchange-traded bonds, stood at 14.20% on Tuesday.

RUSFAR ON RUB (overnight in rubles) was adjusted to 14.11% on Tuesday.

RUSFAR ON CNY (overnight in yuan) was 0.18%.

RUONIA is the unsecured overnight ruble lending rate calculated by the Bank of Russia based on transactions of the top 35 banks. RUSFAR (Russian Secured Funding Average Rate) is the secured funding rate (repo with a central counterparty) calculated by Moscow Exchange for different tenors (ON, 1M, 3M, etc.).

The main difference between the rates is that RUONIA is an unsecured rate, while RUSFAR is based on secured transactions. Both are key indicators of money market rates and are used for floating rates in bonds.

RUONIA is calculated based on the reports of major credit institutions submitted to the Bank of Russia in the form 0409701 "Report on Operations in Foreign Exchange and Money Markets" in accordance with Bank of Russia Regulation No. 6406-U dated April 10, 2023.

This overview was prepared by Alexey 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.