SARB announces Jibar to cease at end of 2026
The South African Reserve Bank (SARB) says the Johannesburg Interbank Average Rate (Jibar) will be permanently discontinued immediately after its final publication on December 31, 2026.
All Jibar tenors will cease to be provided and will be considered non-representative as of this date, it says.
The benchmark’s structural weaknesses, together with the sustained decline in the market underpinning it, created vulnerabilities that cannot be resolved in the foreseeable future, the SARB points out.
In 2022, the SARB and the Market Practitioners Group (MPG) designated the South African Rand Overnight Index Average (Zaronia) as the preferred successor rate to Jibar.
Since then, the MPG has worked closely with regulators, market infrastructure providers and industry associations to ensure a smooth transition to Zaronia, the reserve bank says.
Further, to assist market participants, the MPG has produced reference materials, including recommended market conventions, fallback language and the Jibar transition plan.
Market participants are encouraged to accelerate their transition efforts and ensure all relevant financial contracts incorporate appropriate fallback provisions. Participants should reduce their reliance on Jibar and ensure they are operationally ready to use Zaronia, the central bank recommends.
The SARB, MPG and Financial Sector Conduct Authority will continue to offer guidance to support a smooth and orderly transition, it adds.
“The SARB thanks all institutions that have contributed to advancing this reform.”
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