The reference weighted rate of overnight ruble loans (deposits) RUONIA (Ruble Overnight Index Average) is an estimate of the cost of unsecured overnight ruble borrowing by a standard borrower, which is defined as a bank with a minimum credit risk.

RUONIA is calculated by the Bank of Russia according to the methodology developed in cooperation with the National Foreign Exchange Association (NFEA) on the basis of the information on overnight deposit transactions of the leading Russian banks – members of the RUONIA list, among themselves during a given business day included in the report form 0409701 "Report on currency and money markets operations" in accordance with Instructions No. 2332-U of the Bank of Russia d.d. 12 November 2009 "On the list, forms, and procedures for preparing and submitting report forms by credit institutions to the Central Bank of the Russian Federation".

The list of banks participating in RUONIA calculation is formed by the NFEA Expert Council and agreed with the Bank of Russia.

The Bank of Russia transfers to the NFEA the data on RUONIA to be published at http://www.ruonia.ru/eng/ the next business day by 5 p.m. Moscow time.

See more information on RUONIA at http://www.ruonia.ru.