RUONIA Rate Hits 14.34% on Tuesday, Affecting Many Floating-Rate Bonds

19:01; 07 July 2026 year

### Russian Interbank Rates Hit New Highs The RUONIA rate, which is tied to the coupons of a significant portion of floating-rate exchange-traded bonds, stood at 14.34% on Tuesday. The RUSFAR ON RUB (overnight ruble funding rate) adjusted to 14.4% on Tuesday. The RUSFAR ON CNY (overnight yuan funding rate) was 0.51%. **RUONIA** is the unsecured overnight ruble lending rate calculated by the Bank of Russia based on transactions from 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 tenors (ON, 1M, 3M, etc.). The key difference between the two rates is that RUONIA is an unsecured rate, while RUSFAR is based on secured transactions. Both are key indicators of money market costs and are used for floating rates in bonds. RUONIA is calculated based on the reporting data of major credit institutions submitted to the Bank of Russia in the form of the "Report on Operations in the Currency and Money Markets" (form 0409701), in accordance with Bank of Russia Instruction No. 6406-U dated April 10, 2023. This overview was prepared by Alexei Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.

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