RUONIA Benchmark Stabilizes at 14.04% on Thursday

16:48; 29 October 2026 year

### Russian Overnight Benchmark Rate Stabilizes at 14.04% The benchmark RUONIA (Russian Overnight Index Average) rate, which serves as the basis for coupon payments, stabilized on Thursday at 14.04%. RUONIA is an indicative rate for overnight ruble-denominated interbank lending. It is calculated as a weighted average of actual overnight lending transactions between the top 35 Russian banks. The RUSFAR ON RUB (overnight in rubles) rate stood at 14.03%, while the RUSFAR ON CNY (overnight in yuan) rate was 0.45%. It is important to note that RUONIA is the unsecured overnight lending rate in rubles, calculated by the Bank of Russia based on transactions among the top 35 banks. In contrast, RUSFAR (Russian Secured Funding Average Rate) is the secured funding rate (repurchase agreements with a central counterparty), calculated by the Moscow Exchange for various terms (overnight, 1 month, 3 months, etc.). RUSFAR serves as a key benchmark: - It reflects 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 Bank of Russia. The main difference is that RUONIA is an unsecured rate, while RUSFAR is a secured rate. Both are key indicators of the cost of money in the market and are used for floating rates in bonds. The analysis was provided by Alexei Grishchenko, Ph.D., Professor of the Department 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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