The South African Reserve Bank raised its benchmark repo rate by 25 bps to 3.75% at its November 2021 meeting, against market expectations of 3.5%. This is the first rate hike in three years due to increased inflation risks and despite a fragile recovery. The Committee believes a gradual rise in the repo rate will be sufficient to keep inflation expectations well anchored and moderate the future path of interest rates. In October, headline inflation stood at a four-month high of 5%, above the SARB’s mid-point level of 4.5% for the 6th consecutive month. Headline CPI forecast has been revised slightly higher to 4.5% in 2021 (from 4.4% in September), 4.3% in 2022 (vs 4.2%) and 4.6% in 2023 (vs 4.5%). Meanwhile, the GDP growth projections were lowered to 5.2% in 2021 (from 5.3%) but kept unchanged at 1.7% in 2022 and 1.8% in 2023. The central bank's model indicates an increase of 25 basis points in the Q4 of 2021 and further increases in each quarter of 2022, 2023 and 2024. source: South African Reserve Bank

Interest Rate in South Africa averaged 12.12 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 December of 2021.

Interest Rate in South Africa is expected to be 3.75 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Interest Rate is projected to trend around 4.75 percent in 2022 and 6.00 percent in 2023, according to our econometric models.

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South Africa Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-22 01:00 PM 3.5% 3.5% 3.5% 3.5%
2021-09-23 01:00 PM 3.5% 3.5% 3.5% 3.5%
2021-11-18 01:00 PM 3.75% 3.5% 3.5% 3.5%
2022-01-27 01:00 PM 3.75%


Related Last Previous Unit Reference
Interest Rate 3.75 3.50 percent Nov/21
Interbank Rate 3.87 3.87 percent Dec/21
Money Supply M1 2258845.00 2290660.00 ZAR Million Oct/21
Money Supply M0 294990.00 303745.00 ZAR Million Oct/21
Money Supply M2 3550623.00 3560444.00 ZAR Million Oct/21
Money Supply M3 4268636.00 4272304.00 ZAR Million Oct/21
Banks Balance Sheet 6596344.00 6610487.00 ZAR Million Oct/21
Foreign Exchange Reserves 57520.00 57058.00 USD Million Oct/21
Loans to Private Sector 4042410.00 4020801.00 ZAR Million Oct/21
Central Bank Balance Sheet 978997.00 987675.00 ZAR Million Oct/21
Lending Rate 10.00 10.00 percent Nov/19

News Stream
South Africa Unexpectedly Lifts Key Rate to 3.75%
The South African Reserve Bank raised its benchmark repo rate by 25 bps to 3.75% at its November 2021 meeting, against market expectations of 3.5%. This is the first rate hike in three years due to increased inflation risks and despite a fragile recovery. The Committee believes a gradual rise in the repo rate will be sufficient to keep inflation expectations well anchored and moderate the future path of interest rates. In October, headline inflation stood at a four-month high of 5%, above the SARB’s mid-point level of 4.5% for the 6th consecutive month. Headline CPI forecast has been revised slightly higher to 4.5% in 2021 (from 4.4% in September), 4.3% in 2022 (vs 4.2%) and 4.6% in 2023 (vs 4.5%). Meanwhile, the GDP growth projections were lowered to 5.2% in 2021 (from 5.3%) but kept unchanged at 1.7% in 2022 and 1.8% in 2023. The central bank's model indicates an increase of 25 basis points in the Q4 of 2021 and further increases in each quarter of 2022, 2023 and 2024.
2021-11-18
South Africa Holds Key Interest Rate at 3.5%
The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its September 2021 meeting, as expected. The decision comes despite ongoing uncertainty around the Covid-19 pandemic and is aimed at continue supporting South Africa's fragile economic recovery against the backdrop of a relatively contained inflation outlook. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the short-term inflation outlook are assessed to the upside. Headline CPI forecast has been revised slightly higher to 4.4% in 2021 (from 4.3% in July), but remains unchanged at 4.2% in 2022 and 4.5% in 2023. Meanwhile, the GDP growth projections were raised to 5.3% in 2021 (from 4.2%), despite the much larger negative effect on output than was previously estimated from the July unrest. The economy is seen growing 1.7% in 2022 (from 2.3%) and 1.8% in 2023 (from 2.4%).
2021-09-23
South Africa Keeps Key Rate Steady at 3.5%
The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its July 2021 meeting, in line with expectations as the Covid-19 virus continues to weigh on global prospects and the recent unrest in parts of the country is likely to slow our ongoing recovery. Headline CPI forecast has been revised higher for 2021 to 4.3% (from 4.2%), lower to 4.2% in 2022 (from: 4.4%) and unchanged at 4.5% in 2023. Also, the GDP is expected to grow by 2.3% in 2022 and by 2.4% in 2023, unchanged since the May meeting. The risks to the medium-term domestic growth outlook are assessed to be balanced. The implied policy rate path of the Quarterly Projection Model (QPM) indicates an increase of 25 basis points in the fourth quarter of 2021 and in each quarter of 2022.
2021-07-22

South Africa Interest Rate
In South Africa, the interest rates decisions are taken by the South African Reserve Bank’s Monetary Policy Committee (MPC). The official interest rate is the repo rate. This is the rate at which central banks lend or discount eligible paper for deposit money banks, typically shown on an end-of-period basis.