The Johannesburg Interbank Average Rate (JIBAR) is the benchmark for short-term interest rates in South Africa.
Based on eight major banks’ bid and ask rates, JIBAR is available for periods ranging from one to 12 months, with a three-month rate being the most commonly used.
JIBAR rates are used when setting bank certificates of deposit rates, loan rates and rates on futures contracts.
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.
The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.
A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.