RUONIA Rate Stands at 13.69% on Wednesday

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On Wednesday, the RUONIA rate stands at 13.69%.

It is important to note that the coupons of most floating-rate bonds are linked to the RUONIA rate.

The average rate of ruble overnight loans (RUONIA) is the rate applied by banks when granting short-term loans to each other for a period of one day ("overnight").

The rate is calculated daily by refining the average value of interbank lending operations among 35 leading Russian banks and is published on the official website of the Bank of Russia.

On Wednesday, the RUSFAR ON RUB (overnight, rubles) rate was 13.76%.

RUSFAR ON CNY (overnight, yuan) was 9.03%.

The RUSFAR 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 Bank of Russia.

It should be noted that RUONIA is an unsecured rate, while RUSFAR is a secured funding rate, but both are key indicators of the cost of money in the market and are used for floating rates in bonds.

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

This overview was presented by Alexey Grishchenko, Ph.D., 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.