RUONIA Rate Hits 14.10% on Tuesday, Affecting Floating-Rate Bond Coupons

17:37; 22 September 2026 year

### Russian Interbank Rates Reach New Highs The **RUONIA** (Russian Unsecured Overnight Index Average), which is linked to the coupons of a significant portion of floating-rate bonds, stood at **14.10%** on Tuesday. The **RUSFAR ON RUB** (Russian Secured Funding Average Rate, overnight in rubles) rose to **14.13%** on the same day. Meanwhile, the **RUSFAR ON CNY** (overnight in Chinese yuan) remained at **1%**. RUONIA is the rate for unsecured overnight ruble lending, calculated by the Bank of Russia based on transactions among the top 35 banks. RUSFAR, on the other hand, is the secured funding rate (Repo with a central counterparty), calculated by the Moscow Exchange for different tenors (overnight, 1 month, 3 months, etc.). The key difference between the two rates is that RUONIA is an unsecured rate, while RUSFAR is secured. Both are important indicators of money market costs and are used in floating-rate bonds. RUONIA is calculated based on the reporting of major credit institutions using form **0409701** "Report on Operations in the Foreign Exchange and Money Markets," submitted to the Bank of Russia in accordance with **Bank of Russia Regulation No. 6406-U** of April 10, 2023. This overview was prepared by **Alexei Grishchenko**, Ph.D., Professor of Operational and Sectoral Management at the **Faculty of Higher School of Management**, Financial University under the Government of the Russian Federation.

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