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RUONIA

 - 
Date of rate RUONIA, % Transactions volume included in the RUONIA calculation,
bln. rubles
Date of publication
02/07/2020 4.22 180.55 03/07/2020
30/06/2020 4.38 67.00 02/07/2020
29/06/2020 4.51 100.70 30/06/2020
26/06/2020 4.51 92.35 29/06/2020
25/06/2020 4.52 161.40 26/06/2020

RUONIA (Ruble Overnight Index Average) is a weighted average interest rate on overnight interbank ruble loans (deposits) that reflects the estimated value of unsecured overnight borrowing. RUONIA is calculated based on the information from major banks’ statements prepared according to Form 0409701 ‘Report on Transactions in Foreign Exchange and Money Markets’ submitted by credit institutions to the Bank of Russia pursuant to Bank of Russia Ordinance No. 4927-U dated 8 October 2018, ‘On the List, Forms and Procedure for Compiling and Submitting Credit Institutions’ Reporting Forms to the Central Bank of the Russian Federation’ (as amended), and published on the next business day following the transactions conducted by credit institutions.

RUONIA is a risk-free interest rate benchmark used to monitor and analyse the efficiently of pursuing the operational objective of the Bank of Russia’s monetary policy. RUONIA is a benchmark rate used in the pricing of a number of financial instruments, including loans, bonds, and derivatives.

In 2020, the Bank of Russia and SRO NFA approved the decision assigning the RUONIA administration to the Bank of Russia. According to the new agreement, the Bank of Russia is in charge of the RUONIA methodology, data collection, the calculation and publication of this interest rate, while SRO NFA is responsible for arranging expert discussions and preparing opinions on the methodology, monitoring the RUONIA quality and critical situations, and considering complaints and requests from RUONIA users.

The administration of RUONIA by the Bank of Russia fixes three issues:

  1. Compliance of RUONIA with the Principles for Financial Benchmarks of the International Organization of Securities Commissions (IOSCO).
  2. Minimum-cost adjustment of RUONIA to the (EU Benchmark Regulation, EU BMR, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016R1011).
  3. Full operational continuity of RUONIA.

In order to control the compliance with the international requirements, the Bank of Russia establishes the Committee for RUONIA Supervision in its structure that will also include SRO NFA’s representatives. The SRO NFA’s Expert Council on Indicators and Rates will act as the committee of RUONIA users.

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Last updated on: 02/07/2020