The South African Reserve Bank raised its benchmark repo rate by more than expected 75 bps to 5.5% at its July 21st, 2022 meeting to contain the surging domestic inflation, while signaling further aggressive monetary tightening ahead.This is the fifth consecutive rate-hike since November last year, delivering the biggest increase in borrowing costs in almost two decades.The risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 6.5% in 2022 (vs 5.9% projected earlier), 5.7% in 2023 (vs 5%) and 4.7% in 2024 (vs 4.7%). Meanwhile, the GDP growth projections were raised to 2% in 2022 (vs 1.7%) whereas cut to 1.3% in 2023 (vs 1.9%) and 1.5% in 2024 (vs 1.9%). Policymakers noted that despite these downward revisions, economic growth remains above a low rate of potential. source: South African Reserve Bank
Interest Rate in South Africa averaged 12.03 percent from 1998 until 2022, 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 August of 2022.
Interest Rate in South Africa is expected to be 6.00 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 7.25 percent in 2023 and 8.25 percent in 2024, according to our econometric models.