Reforms to SA’s reference interest rate are accelerating rapidly, with significant progress towards replacing the long-established Johannesburg interbank average rate (Jibar) with the new SA overnight index average (Zaronia) rate.  

The Reserve Bank made it clear at an April 19 conference that it would like to see the switch to Zaronia happen as fast as possible. With the new rate now halfway through its intended observation period, data shows that the new Zaronia is behaving exactly as it should — opening the way for SA to just get on with it.  ..

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