The South African Reserve Bank (SARB) today published the revised Johannesburg Interbank Average Rate (Jibar) Code of Conduct and Operating Rules (Code). Revisions to the Code follow recommendations made by the Market Practitioners Group (MPG) to the Reference Rate Oversight Committee (RROC), a subcommittee of the Financial Stability Committee of the SARB. The MPG is a joint public and private sector body, tasked with the reform of interest rate benchmarks in South Africa. The reform agenda includes, among other things, strengthening the Jibar governance framework as an interim measure while an alternative reference rate is being developed.