The South African Reserve Bank (SARB), through the Market Practitioners Group (MPG), has announced the commencement of the ZARONIA First initiative — a significant step in South Africa’s interest rate benchmark reform journey.
Market participants are urged to prioritise quoting linear derivatives using the South African Rand Overnight Index Average (ZARONIA) over the traditional Johannesburg Interbank Average Rate (Jibar). While Jibar-based screens will remain available for the time being, this transition is considered vital to enhancing the resilience and transparency of South Africa’s financial market infrastructure.
The MPG strongly encourages inter-dealer brokers and broader market participants to begin aligning systems, pricing frameworks, and market conventions to reflect this shift.
Read the full announcement by clicking here.
