The case for reforming the Jibar, which is the most widely used reference rate in South Africa and is therefore of systemic importance, was informed by a number of concerns, including that: i.  the Jibar is currently not underpinned by a large number transactions, which is a desirable and an essential characteristic of a benchmark interest rate according to the principles for financial benchmarks developed by the International Organization of Securities Commissions (IOSCO);  ii.
This increase in the share of funding sourced from deposits and long-term debt has mirrored a decline in the share of funding sourced from short-term wholesale debt, both from domestic and foreign markets. The share of short-term funding has fallen by 10 percentage points over the past three years, a very large change indeed.