However, the events that took place in the international market regarding the manipulation of the Libor heightened the urgency of the Jibar project. On 16 November 2012, the Bank published two documents. The first, “A review of the ratesetting process of the Johannesburg Interbank Agreed Rate as an interest rate benchmark”, presented the findings and recommendations that emanated from the review of the Jibar.
The review indicated that while there were no fundamental concerns around the Jibar determination process, and no trends and patterns of anomaly, certain aspects of the process could benefit from enhancements and formalisation, more specifically the governance process.