The South African Reserve Bank (SARB) has consistently communicated its intention to discontinue the publication of the Johannesburg Interbank Average Rate (Jibar) by the end of next year.

The benchmark’s structural weaknesses, together with the sustained decline in the market underpinning it, have created vulnerabilities that cannot be resolved in the foreseeable future. Today, the SARB announces that Jibar will be permanently discontinued immediately after its final publication on 31 December 2026. All Jibar tenors will cease to be provided and will be considered non-representative as of that date.

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. 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 make sure that 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 SARB, MPG and Financial Sector Conduct Authority (FSCA) will continue to offer guidance to support a smooth and orderly transition.

The SARB thanks all institutions that have contributed to advancing this reform.