Cease and Greetings - Announcement on the future cessation of JIBAR

On 3 December 2025, the South African Reserve Bank ("SARB") formally confirmed that the Johannesburg Interbank Average Rate ("JIBAR") will be discontinued after its final publication on 31 December 2026. This long-anticipated announcement of the “JIBAR cessation date” in the phased replacement and transition away from JIBAR, comes as a confirmed end date of the adoption period; which we have been in since the South African Overnight Index Average ("ZARONIA") observation period ended in November of 2023.

A key distinction between ZARONIA and JIBAR is the sourcing methodology. ZARONIA is a transaction-based overnight benchmark derived from all eligible wholesale transactions above ZAR 20 million each day, moving the market away from panel-bank submissions and significantly broadening the underlying data set informing the daily published rate.

Over the past two years, SARB has worked closely with practitioners national regulators and other stakeholders across the bonds, derivatives and loan markets to map a coordinated transition pathway for both new and legacy contracts. For commercial clients with financing or commercial contracts that reference JIBAR, this final year of the transition period is an important opportunity to take stock of your existing arrangements and understand where amendments, fallbacks or operational changes may be required. Early engagement will help avoid last-minute pressure as the cessation date approaches and ensure continuity across your funding, hedging and commercial obligations.