http://www.fin24.com/Companies/Financial-Services/UK-rate-scandal-SA-banks-sound-20120715

UK rate scandal: ‘SA banks sound’

Jul 15 2012

Johannesburg – In the wake of the scandal that erupted in the UK over the manipulation of the London Interbank Offered Rate (Libor) – the rate of interest at which banks lend money to each other – South African financial authorities have moved to reassure the country that the process for determining the interbank lending rate in the country is sound.

The Libor scandal now involves as many as 12 leading banks, including Absa’s parent bank, Barclays, which has already been heavily fined.

Sharp focus is now being placed on the Johannesburg Interbank Agreed Rate – or Jibar.

The Jibar, or money market rate, is used to price financial transactions across our domestic economy.

According to a Morgan Stanley research report released….”