JIBAR Forward Curve: The Market-Implied Path for 3M JIBAR
The 3M JIBAR forward curve, bootstrapped from ZAR swap quotes and updated every trading day. See where the market prices JIBAR up to its last fixing on 31 December 2026, how it hands over to ZARONIA, and take the full dated grid to Excel.
Last update:
3M JIBAR forward curve · year-end forwards
| Date | Forward Rate |
|---|---|
| 31 Dec 2026 | 7.47% |
| 31 Dec 2027 | 7.78% |
| 31 Dec 2028 | 7.83% |
| 31 Dec 2029 | 7.95% |
| 31 Dec 2030 | |
| 31 Dec 2031 | |
Curves bootstrapped from live interdealer swap quotes. Read how we build these curves or the full curve bootstrapping methodology.
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The JIBAR forward curve in Excel & API
If you’re copying this curve into a model more than once a month, you don’t need a download, you need a feed. One function per forward period, always current, straight into your model.
// Excel: any JIBAR forward period in a cell =BlueGamma.FORWARD_RATE("3M JIBAR", start_date, end_date) # API: the same rate, one GET away GET api.bluegamma.io/v1/forward_rate ?index=3M JIBAR&start_date=2027-06-30&end_date=3M x-api-key: your_api_key
The curve prices your float. The desk quotes a par rate.
When you fix, the bank quotes one number for the whole term. Check it against an independent JIBAR mid before you sign: the difference is their margin.
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FAQs
JIBAR, the Johannesburg Interbank Average Rate, is the benchmark interest rate for South African rand, administered by the South African Reserve Bank. It is published each South African business day for 1, 3, 6, 9 and 12 months, from panel banks' rates on the negotiable certificates of deposit they issue, and moves with expectations for the SARB's repo rate.
JIBAR is being retired. The SARB has confirmed its final publication on 31 December 2026, and since 1 May 2026 supervisors have expected no new JIBAR-linked contracts, with limited exceptions. ZARONIA, the SARB's overnight rate, is its successor.
JIBAR will be published for the last time on 31 December 2026. Swaps that still reference it then fall back to compounded ZARONIA plus a fixed spread set in December 2025, so beyond 2026 this curve is, in effect, ZARONIA plus that spread.
Markets price 3M JIBAR at 7.47% for end-2026, its final year. The fallback path then runs at 7.78% for 2027 and 7.83% for 2028.
The ZARONIA forward curve shows the successor rate on its own. Our JIBAR to ZARONIA transition guide covers the dates, the spread adjustment and what the data says.
Quotes stream straight from tier-one inter-dealer brokers and exchanges. We sanity-check every feed before building the curve.
Yes. Pick any valuation date (and even time) and download the historical curve to Excel.
This page updates every trading day. Need intraday? Most curves update on live rates in the app, and the Excel download uses the latest rates the moment you hit Download. Start a free 14-day trial.
SOFR, SONIA, EURIBOR, CORRA, BBSY, STIBOR, NIBOR, JIBAR and 30-plus others: all with forward curves and discount factors.
Yes. Pull curves via a REST API or use the Excel function =BLUEGAMMA(). Same numbers everywhere, no manual uploads.
Absolutely. Load any swap (fixed-for-floating, amortising or bullet), drop in the notional schedule and get a mark-to-market in minutes, or roll the clock back for historic pricing.
Most free forward curves are published once a month as a static chart. BlueGamma rebuilds the JIBAR curves from swap quotes every trading day, shows the dated values rather than a picture, and lets you download the full grid to Excel during a free trial.
More on ZAR rates
ZAR Swap Rates
Today's JIBAR swap rates across the tenor grid, with history.
ZARONIA Forward Curve
The market-implied path for ZARONIA, South Africa's new reference rate.
Forward curve basics
How forward curves are built, read and used in models.
Pull a curve into Excel
How to pull a forward curve directly into a spreadsheet, step by step.
How we bootstrap the yield curve
The methodology behind every curve on this page: market inputs, bootstrapping and interpolation.
More from BlueGamma
Or browse the full forward curve catalogue, covering every curve we publish.