Certainly, the volatility of ZARONIA has been low since the SARB started publishing the rate on 2 November 2022. 5. On the Jibar transition  The transition from Jibar to ZARONIA will require market participants to deal with the inherent differences in the make-up of each rate explicitly.
Naturally, as an unsecured forward-looking term rate, Jibar contains a premium to compensate lenders for the risks they assume over an alternative overnight risk-free rate.