South Africa partners with London to adopt new Reserve Bank benchmark

• South Africa has partnered with London to adopt a new Reserve Bank benchmark called the South African Rand Overnight Index Average, or Zaronia.
• The partnership involves converting outstanding derivative contracts linked to the old Johannesburg Interbank Average Rate, or Jibar, to Zaronia-linked instruments by 21 November.
• The adoption of Zaronia is expected to boost its use offshore, mirroring shifts in the US and UK towards more transparent and reliable benchmarks.