RUONIA Rate Stands at 14.04% on Wednesday

17:47; 28 October 2026 year

### Russian Interbank Lending Rates Hit 14% as RUONIA and RUSFAR Reflect Market Dynamics The Russian interbank lending rate, known as RUONIA (Ruble Overnight Index Average), stood at 14.04% on Wednesday. It is important to note that the coupon payments of a significant portion of floating-rate bonds are linked to the RUONIA rate. RUONIA represents the average rate at which banks lend ruble-denominated overnight funds to each other. The rate is calculated daily by averaging transactions among the top 35 Russian banks and is published on the official website of the Central Bank of Russia. On the same day, the RUSFAR ON RUB (Russian Secured Funding Average Rate, overnight, rubles) was 14.01%, while the RUSFAR ON CNY (overnight, yuan) stood at 0.63%. RUSFAR 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 is worth noting that RUONIA is an unsecured rate, while RUSFAR is based on secured transactions. Both rates are crucial indicators of the cost of money in the market and are used for floating-rate 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 (overnight, 1 month, 3 months, etc.). This overview was prepared by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.

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