| Rate | What it measures | Status | Typical use |
|---|---|---|---|
| ZARONIA | Overnight unsecured deposits, actual transactions | The successor benchmark | New floating-rate contracts |
| JIBAR | Interbank rates from quoted bids and offers | Being phased out | Legacy loans and derivatives |
| SABOR | Overnight interbank funding, volume weighted | Published daily | A reference measure |
| Repo rate | The Reserve Bank's policy rate | Set by the MPC | Policy, and the base for prime |
| Prime | Repo plus 3.5 percentage points | Bank convention | Retail lending |
| Rate | Approximate level | Relationship to repo |
|---|---|---|
| Repo | 7.25% | The policy rate itself |
| ZARONIA | About 7.20% | Just below repo |
| 3-month JIBAR | About 7.60% | Repo plus a term premium |
| Prime | 10.75% | Repo plus 3.50 |
| Bond rate, typical home loan | Prime minus 0.50 to prime plus 1.00 | Priced off prime |
| Milestone | What it means |
|---|---|
| ZARONIA published | From November 2022, as an observed rate |
| Designated successor | The Market Practitioners Group recommendation |
| New contracts | Expected to reference ZARONIA |
| Legacy contracts | Require fallback language or conversion |
| Key difference | ZARONIA is overnight and backward looking; JIBAR is term and forward looking |
Data maintained by TradeAnswers · updated as the figures change