Compounded ZARONIA Rates: 1M, 3M, 6M & 12M
Daily compounded ZARONIA over 1, 3, 6 and 12 month interest periods, calculated in arrears from official South African Reserve Bank ZARONIA fixings. The backward-looking ZAR rate that steps in where 3M JIBAR used to be.
| Date | ZARONIA | 1 Month ZARONIA | 3 Month ZARONIA | 6 Month ZARONIA | 12 Month ZARONIA |
|---|---|---|---|---|---|
| 20 Jul 2026 | 6.85400% | 6.87748% | 6.80465% | 6.78732% | 6.96781% |
| 17 Jul 2026 | 6.86100% | 6.87616% | 6.79597% | 6.78321% | 6.96650% |
| 16 Jul 2026 | 6.85300% | 6.87721% | 6.79312% | 6.78155% | 6.96724% |
| 15 Jul 2026 | 6.85300% | 6.87673% | 6.79028% | 6.78011% | 6.96796% |
| 14 Jul 2026 | 6.85200% | 6.87808% | 6.78744% | 6.77863% | 6.96868% |
| 13 Jul 2026 | 6.85100% | 6.87767% | 6.78459% | 6.77716% | 6.97284% |
| 10 Jul 2026 | 6.86100% | 6.87642% | 6.77622% | 6.77281% | 6.97154% |
| 09 Jul 2026 | 6.85400% | 6.87636% | 6.77341% | 6.77109% | 6.97227% |
| 08 Jul 2026 | 6.85400% | 6.87622% | 6.77061% | 6.76957% | 6.97300% |
| 07 Jul 2026 | 6.84900% | 6.87743% | 6.76782% | 6.76808% | 6.97375% |
As of , compounded ZARONIA (in arrears) is 6.87748% over one month, 6.80465% over three months, 6.78732% over six months and 6.96781% over twelve months.
Compounded in arrears from daily ZARONIA fixings over the trailing 1, 3, 6 and 12 month periods: Actual/365 day count, no lookback and no observation shift. Values reconcile exactly with the SARB's official compounded period averages.
Compounded ZARONIA Chart
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“I do debt service forecasting for any of the facilities where we have floating rate exposure… I like this option to just pull the forward curve monthly or quarterly going out.”
That's what the last period cost. See where it's heading.
Compounded ZARONIA tells you what an interest period has already cost. Forward rates imply the path of future fixings: what your next period is likely to cost, straight from today's ZAR swap market.
See the ZARONIA forward curveCompounded ZARONIA in Excel & API
If you're rebuilding this table in a spreadsheet every month-end, you don't need a rate, you need a feed. One function, official fixings, straight into your accrual model.
// Excel: any day's 3M compounded ZARONIA in a cell =BlueGamma.FIXING("3M COMPOUNDED ZARONIA", accrual_date) # API: the same rate, one GET away GET api.bluegamma.io/v1/fixing ?index=3M COMPOUNDED ZARONIA&valuation_date=YYYY-MM-DD x-api-key: your_api_key
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FAQs
It's the realised average interest earned from compounding the overnight ZARONIA fixing over an interest period like 1, 3 or 6 months. Every fixing in the window has already been published, so the rate is backward-looking: it tells you what a ZAR interest period actually cost.
Interest is accrued daily by compounding official SARB ZARONIA fixings in arrears over the trailing 1, 3, 6 or 12 month period on an Actual/365 basis, with no lookback and no observation shift. The values reconcile exactly with the SARB's official compounded period averages.
ZAR loan agreements typically apply the same compounding with a five business day lookback, following the MPG's recommended conventions. To compound over the exact dates and settings of your facility, use our free Risk Free Rate Calculator.
Yes. ZARONIA is the successor rate to JIBAR, and South African markets are moving new loans, bonds and derivatives onto it ahead of JIBAR's cessation.
Legacy JIBAR exposures generally fall back to compounded ZARONIA plus a credit adjustment spread, which is why the daily compounded values on this page are the ones to track for existing ZAR loans and swaps.
Alongside the period averages, the South African Reserve Bank publishes a Compounded ZARONIA Index, a cumulative measure of daily compounded ZARONIA. Dividing the index at the end of an interest period by its value at the start gives the compounded rate for that period, the index-ratio method some facility agreements reference.
Compounded ZARONIA is backward-looking, calculated from overnight fixings that have already printed.
Term ZARONIA is a forward-looking rate for the period ahead, currently under industry consultation rather than an established benchmark. Fallbacks for legacy JIBAR contracts and most new ZAR conventions reference the compounded rate.
More on ZARONIA
ZARONIA Forward Curve
The market-implied path for ZARONIA: live forward curve, charted and downloadable.
Risk Free Rate Calculator
Compound ZARONIA over the exact start and end dates of your interest period, with the MPG loan conventions built in.
ZAR Swap Rates
Live and historical ZAR swap rates, covering both ZARONIA and 3M JIBAR.
JIBAR Forward Curve
Where the market sees 3M JIBAR heading while legacy exposures run off.