The South African Reserve Bank has revised the money market and related interest rates table (KB130) in its Quarterly Bulletin by removing the South African Reserve Bank debenture rate columns and replacing them with alternative market rate series. The change reflects the suspension of South African Reserve Bank debenture issuance following the transition from a shortage-based to a surplus-based monetary policy implementation framework on 8 June 2022. From this edition of the Quarterly Bulletin, the three debenture rate columns in table KB130 (page S–32) have been replaced with columns for the 9-month Johannesburg Interbank Average Rate (Jibar), the 1x4 forward rate agreement (FRA) and the 364-day Treasury bill rate.
South African Reserve Bank 2025-09-01
South African Reserve Bank updates Quarterly Bulletin money market table to replace debenture rate columns with Jibar, FRA and Treasury bill rates
The South African Reserve Bank has updated its Quarterly Bulletin by replacing the debenture rate columns in table KB130 with alternative market rate series. This change follows the suspension of debenture issuance due to the shift from a shortage-based to a surplus-based monetary policy framework. The new columns include the 9-month Johannesburg Interbank Average Rate, the 1x4 forward rate agreement, and the 364-day Treasury bill rate.