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South African lawmakers are likely to pass legislation needed for the transition to the new Zaronia overnight rate before the end of December, the head of the nation\u2019s Standing Committee on Finance said.<\/p>\n
News24, a Cape Town-based news website, reported earlier that legislator wants the General Finance Laws Amendment Bill to comply with a September 17 Constitutional Court ruling that compels lawmakers to ensure public participation in the legislative process. The National Treasury has argued that the bill was introduced to parliament on August 18, before the court ruling.<\/p>\n
Zaronia \u2014 short for the South African Rand Overnight Index Average \u2014 is scheduled to replace the Johannesburg Interbank Average Rate at the end of this year. In addition to being needed for the implementation of Zaronia, the passage of the legislation is required for the proposed phasing out next year of the prime rate, a benchmark used by commercial lenders for consumer credit, News24 said.<\/p>\n
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\u201cI am confident that parliament will pass the General Finance Laws Amendment Bill before it rises in December,\u201d Joe Maswanganyi, the head of the Standing Committee on Finance, said by phone on Wednesday. \u201cWe will not put the country at risk and we will make sure it passes constitutional muster.\u201d<\/p>\n
Lawmakers plan to have meetings \u201cas soon as possible\u201d to discuss the matter, he said.<\/p>\n
\u201cParliament will hear all stakeholders, especially National Treasury and the South African Reserve Bank,\u201d Maswanganyi said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#South #African #lawmaker #sees #Zaronia #Bill #passing #yearend<\/p>\n","protected":false},"excerpt":{"rendered":"
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