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South African Reserve Bank

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Implementation of the Code of Conduct, Governance Process and Operating Rules for the Johannesburg Interbank Average Rate
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Following a review of the rate setting process of the Johannesburg Interbank Average Rate (Jibar) during 2012, the South African Reserve Bank (SARB) has finalised the consultation process on the Jibar Code of Conduct, Governance Process and Operating Rules. The Code of Conduct will be effective from 1 March 2013. 

The contribution panel - commercial banks that submit data (bid and offer rates) used to calculate Jibar for various maturities - has been finalised and consists of Absa Bank, FirstRand Bank, Investec, Nedbank and Standard Bank. All contributors have confirmed their consent to be bound by the Jibar Code of Conduct.

The SARB will be responsible for the supervision of compliance with the terms and conditions of the Code of Conduct. This will be done through the Reference Rate Oversight Committee (RROC), which is chaired by Deputy Governor Lesetja Kganyago and consists of representatives from various departments within the SARB and the Financial Services Board. The RROC will serve as an interim arrangement pending the finalisation of the Twin Peaks legislation. SARB will also continue to monitor evolving international best practice and align the Code of Conduct where appropriate.

To access the Jibar Code of Conduct click here
Hlengani Mathebula
Head: Group Strategy and Communications
+27 12 313-4210
+27 82 448 9219
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