The Johannesburg Interbank Average Rate (JIBAR) is the

money market The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a compo ...

rate, used in

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...

. It is calculated as the average interest rate at which banks buy and sell money. Since 2022, SARB has also published ZARONIA as the

reference A reference is a relationship between objects in which one object designates, or acts as a means by which to connect to or link to, another object. The first object in this relation is said to ''refer to'' the second object. It is called a ''nam ...

rand-denominated

overnight rate The overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market. In some countries (the United States, for example), the overnight rate may be the rate targeted by the central ba ...

.ZARONIA
resbank.co.za JIBAR is calculated daily by the South African Futures Exchange as the average

prime lending rate The prime rate or prime lending rate is an interest rate used by banks, typically representing the rate at which they lend to their most creditworthy customers. Some variable interest rates may be expressed as a percentage above or below prime ra ...

quoted independently by a number of different banks. The rate is available in one-month, three-month, six-month and twelve-month discount terms. In particular, the three-month JIBAR rate is used as a benchmark of short-term interest rate movements. The rate is calculated daily after all of the rates are received. It is calculated as a yield and then converted into a discounted rate. The JIBAR rate is available daily from

Thomson Reuters Thomson Reuters Corporation ( ) is a Canadian multinational corporation, multinational content-driven technology Conglomerate (company), conglomerate. The company was founded in Toronto, Ontario, Canada, and maintains its headquarters at 1 ...

. ZARONI
reflects
the interest rate at which rand-denominated overnight wholesale funds are obtained by

commercial banks A commercial bank is a financial institution that accepts Deposit (finance), deposits from the public and gives loans for the purposes of consumption and investment to make a Profit (economics), profit. It can also refer to a bank or a division o ...

. It is based on actual transactions and calculated as a trimmed, volume-weighted mean of interest rates paid on eligible unsecured overnight deposits. The calculation excludes the highest and lowest 10% of interest rates to smooth out outliers. It is published on a

T+1 T1, T01, T.1 or T-1 may refer to: Biology * The first of the thoracic vertebrae in the vertebral column * Thoracic spinal nerve 1, a nerve emerging from the vertebrae * Cyclin T1, a human gene * GalNAc-T1, a human gene * Ribonuclease T1, a fun ...

basis reflecting the previous day's activity.

References

Finance in South Africa Reference rates Interest rates

See also

References