Johannesburg – Financial institutions in the region are being urged to prepare for the permanent discontinuation of the Johannesburg Interbank Average Rate, Jibar, which will stop after its final publication on 31 December 2026. The South African Reserve Bank (SARB) said structural weaknesses in Jibar and the continued decline in the market underpinning it have created vulnerabilities that cannot be resolved. All Jibar tenors will cease and be considered non-representative from that date.
Since 2022, SARB and the Market Practitioners Group (MPG) designated the South African Rand Overnight Index Average (ZARONIA) as the preferred successor to Jibar. The MPG has worked closely with regulators, market infrastructure providers, and industry associations to ensure a smooth transition. Reference materials, including recommended market conventions, fallback language, and a Jibar transition plan, have been produced to assist market participants.
Banks and financial institutions are encouraged to accelerate transition efforts, ensure contracts include appropriate fallback provisions, and reduce reliance on Jibar while becoming operationally ready to use ZARONIA. The SARB, MPG, and South Africa’s Financial Sector Conduct Authority will continue providing guidance to support an orderly changeover.
Queries related to the announcement can be directed to SARB Media Relations or Zakhele Gininda, Lead Specialist: Market Operations and Analysis, at Zakhele.Gininda@resbank.co.za
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