RUONIA Rate Stands at 14% on Wednesday

18:15; 21 October 2026 year

### Russian Interbank Lending Rates Reach High Levels Amid Economic Uncertainty On Wednesday, the RUONIA (Ruble Overnight Index Average) rate stood at 14%. It is important to note that the coupon payments of a significant portion of floating-rate bonds are linked to the RUONIA rate. The RUONIA is the average rate for overnight ruble-denominated interbank loans, used by banks when lending to each other for a period of one day ("overnight"). The rate is calculated daily by averaging the transactions among 35 leading Russian banks and is published on the official website of the Central Bank of Russia. Meanwhile, the RUSFAR ON RUB (overnight, rubles) rate was 13.83% on Wednesday, while the RUSFAR ON CNY (overnight, yuan) rate was 0.63%. The RUSFAR (Russian Secured Funding Average Rate) serves as a key benchmark: - It reflects the level of interest rates in the Russian money market. - It is based on the average values of repo transactions with the central counterparty. - It is included in the list of financial indicators approved by the Central Bank of Russia. It should be noted that RUONIA is an unsecured rate, while RUSFAR is based on secured transactions. Both are key indicators of the cost of money in the market and are used for floating rates in bonds. RUONIA is calculated by the Central Bank of Russia based on transactions among the top 35 banks, while RUSFAR is calculated by the Moscow Exchange for different maturities (ON, 1M, 3M, etc.). This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.

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