Big changes for anyone with Standard Bank contracts in South Africa

• Standard Bank will replace the Johannesburg Interbank Average Rate (JIBAR) with the South African Rand Overnight Index Average Rate (ZARONIA) for all new contracts as of May 2026.
• The change is in line with the South African Reserve Bank's (SARB's) plans to replace JIBAR with ZARONIA by the end of 2026, and will impact how interest is determined and introduce complexity for lenders and borrowers.
• The cessation of JIBAR will require trillions of rands in agreements to be rewritten to reference ZARONIA, with Standard Bank developing a No New Jibar (NNJ) Policy to oversee contracts during the transition period.