Jibar publication extended by five months to May 31, 2027

All Jibar tenors will cease publication after May 31, 2027, superseding the timetable announced on December 3, 2025.

SARB says legislation for tough legacy contracts and subsequent implementation may not be ready by December 31, 2026.

These contracts are difficult to amend because complex transactions and multiple parties complicate consent.

The five-month extension gives participants time to finalize arrangements well before cessation.

SARB reports substantial transition progress but still requires participants to reduce Jibar reliance, sustain transition programmes and resolve outstanding contractual, system and operational requirements.

They must increase use of the South African Rand Overnight Index Average (ZARONIA), which remains the preferred successor.

SARB and the Market Practitioners Group (MPG) will advance transition guidance, including Term ZARONIA.

In April 2026, MPG appointed FTSE Russell as administrator of this forward-looking rate based on ZARONIA overnight index swap activity.

After consultations and a six-month prototype observation period, Term ZARONIA will be available for specific uses that SARB will define shortly.

SARB intends to use it to determine Synthetic Jibar, one designated replacement for tough legacy contracts.

SARB, MPG and the Financial Sector Conduct Authority will support participants through the transition.