Money Market Rates Overview for the Week

22:30; 26 July 2026 year

### Weekly Money Market Rates Overview The RUONIA (Ruble Overnight Index Average), which serves as a benchmark for floating-rate bonds, decreased to 14.03%. RUONIA: - Reflects the average cost of overnight ruble loans in the interbank market. - Is calculated daily by the Bank of Russia based on transactions of the top 35 banks. The RUSFAR ON RUB (overnight, rubles) rate stood at 13.9%. RUSFAR ON CNY (overnight, yuan) was 7.04%. RUSFAR (Russian Secured Funding Average Rate) serves as a key benchmark: - Indicates the level of rates in the Russian money market. - Is formed based on the average values of repo transactions with the central counterparty. - Is included in the list of financial indicators approved by the Bank of Russia. It is important to note that RUONIA is the rate for unsecured overnight ruble lending, calculated by the Bank of Russia based on transactions of the top 35 banks, while RUSFAR is the secured funding rate (repo with the central counterparty), calculated by the Moscow Exchange for different terms (ON, 1M, 3M, etc.). The main difference is that RUONIA is an unsecured rate, while RUSFAR is a secured rate, but both are key indicators of the cost of money in the market and are used for floating rates in bonds. This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Faculty "Higher School of Management" at the Financial University under the Government of the Russian Federation.

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