The South African Reserve Bank published the September 2025 Quarterly Bulletin section on money market and related interest rates, presenting time series for key South African short-term benchmarks and instruments. The tables cover the repurchase rate, prime lending rate, the South African Benchmark Overnight Rate (Sabor) on deposits, the South African Rand Overnight Index Average (ZARONIA), overnight foreign exchange rates, rand overnight deposit rates, negotiable certificates of deposit (NCDs), Johannesburg Interbank Average Rate (Jibar) fixings, forward rate agreement (FRA) rates, and Treasury bill rates. The bulletin also reiterates key series definitions and methodological notes, including that the prime lending rate is calculated as the repurchase rate plus 3.5 percentage points, and that SAONIA was discontinued and replaced by Sabor on deposits from 27 March 2007. It notes ZARONIA as a reformed version of Sabor, officially implemented from 3 November 2023, and sets out other series conventions such as the overnight foreign exchange rate methodology from 27 March 2007, the NCD series change from 1 April 2004, Jibar’s pre-November 2012 name, and the interpretation of 1x4, 3x6, 6x9 and 9x12-month FRAs as market expectations for three-month NCD rates at future horizons.
South African Reserve Bank 2025-09-30
South African Reserve Bank publishes September 2025 Quarterly Bulletin tables on money market rates including ZARONIA and Jibar
The South African Reserve Bank released its September 2025 Quarterly Bulletin on money market and interest rates, detailing time series for key short-term benchmarks and instruments. It includes data on the repurchase rate, prime lending rate, South African Benchmark Overnight Rate (Sabor), South African Rand Overnight Index Average (ZARONIA), and other rates. It also provides definitions and methodological notes, highlighting changes like the replacement of SAONIA by Sabor in 2007 and the implementation of ZARONIA in 2023.