Reserve Bank preparing a backup plan

• The Market Practitioners Group is considering options to ensure the transition to the new rand benchmark interest rate can proceed smoothly if the legislation is delayed.
• Lawmakers paused consideration of the General Finance Laws Amendment Bill to ensure the legislation complied with a Constitutional Court ruling requiring adequate public participation in the legislative process.
• The Reserve Bank stressed that any delay in the legislative process would not change the direction of the transition, and market participants should continue to adopt Zaronia and reduce their Jibar-related exposures.