DEFINITION of 'Johannesburg Interbank Agreed Rate - JIBAR'
The money market rate that is used by South Africa. The rate comes in one-month, three-month, six-month and 12-month discount terms.
BREAKING DOWN 'Johannesburg Interbank Agreed Rate - JIBAR'
The rate is determined as an average of the rates indicated by local and international banks. JIBAR is calculated as a yield and then converted into a discount. The rate is calculated daily after all of the rates are received by participating banks.