The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its May 2021 meeting, as widely expected. Policymakers said that the overall risks to the growth outlook are assessed to be balanced while overall risks to the inflation outlook appear to be to the upside. Still, Governor Kganyago warned that slow progress on vaccinations, limited energy supply and policy uncertainty continue to pose downside risks to the economic outlook. Meantime, the central bank raised its 2021 growth forecasts to 4.2% from an earlier 3.8% but revised downwards its projections for 2022 to 2.3% (vs prior 2.4%) and 2023 to 2.4% (vs prior 2.5%). Forecasts now also point to 4.2% inflation in 2021 (vs prior 4.3%), 4.4% in 2022 (unchanged) and 4.5% in 2023 (unchanged). Looking forward, the SARB sees two interest rate hikes of 25bps each in Q2 and Q4 2021. source: South African Reserve Bank
Interest Rate in South Africa averaged 12.19 percent from 1998 until 2021, reaching an all time high of 23.99 percent in June of 1998 and a record low of 3.50 percent in July of 2020. This page provides - South Africa Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
Interest Rate in South Africa is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in South Africa to stand at 4.00 in 12 months time. In the long-term, the South Africa Interest Rate is projected to trend around 4.00 percent in 2022, according to our econometric models.