The South African Reserve Bank unanimously reduced its key interest rate by 25 basis points to 7% on July 31, 2025, the lowest level since November 2022. The cut was widely anticipated amid concerns over a new US tariff regime threatening the already fragile economy. Policymakers emphasized ongoing global uncertainty, noting that many countries have yet to finalize trade agreements before the US tariff deadline. They also observed a stronger rand and more moderate inflation expectations, with June’s CPI showing headline inflation at 3% and core inflation at 2.9%, both near the lower bound of the target range. Inflation is expected to rise modestly to 3.3% this year before stabilizing at 3% in 2027. Meanwhile, the economy’s outlook remains subdued due to persistent supply-side challenges, particularly in logistics. Consequently, growth forecasts were revised down to 0.9% in 2025 (from 1.1% previously) and 1.3% in 2026 (from 1.5%), but raised to 2% in 2027 (from 1.8%). source: South African Reserve Bank

The benchmark interest rate in South Africa was last recorded at 7 percent. Interest Rate in South Africa averaged 11.77 percent from 1998 until 2025, 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 September of 2025.

The benchmark interest rate in South Africa was last recorded at 7 percent. Interest Rate in South Africa is expected to be 7.25 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 6.00 percent in 2026 and 5.50 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-03-20 01:00 PM Interest Rate Decision 7.5% 7.5% 7.5% 7.5%
2025-05-29 01:00 PM Interest Rate Decision 7.25% 7.5% 7.25% 7.25%
2025-07-31 01:00 PM Interest Rate Decision 7% 7.25% 7% 7.0%
2025-09-18 01:00 PM Interest Rate Decision 7% 7.0%
2025-11-20 01:00 PM Interest Rate Decision 7.0%


Related Last Previous Unit Reference
Banks Balance Sheet 8435375.00 8451157.00 ZAR Million Jul 2025
Central Bank Balance Sheet 1306657.00 1272051.00 ZAR Million Jul 2025
Foreign Exchange Reserves 70420.00 69160.00 USD Million Aug 2025
Interbank Rate 6.85 6.85 percent Sep 2025
Interest Rate 7.00 7.25 percent Jul 2025
Lending Rate 10.50 10.75 percent Aug 2025
Loans to Private Sector 4990863.00 4973878.00 ZAR Million Jul 2025
Money Supply M0 482266.00 505749.00 ZAR Million Jul 2025
Money Supply M1 2929393.00 2893682.00 ZAR Million Jul 2025
Money Supply M2 4604455.00 4501811.00 ZAR Million Jul 2025
M3 Money Supply YoY 5619278.00 5567271.00 ZAR Million Jul 2025

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.
Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.25 23.99 3.50 1998 - 2025 percent Daily

News Stream
South Africa Trims Interest Rate as Expected
The South African Reserve Bank unanimously reduced its key interest rate by 25 basis points to 7% on July 31, 2025, the lowest level since November 2022. The cut was widely anticipated amid concerns over a new US tariff regime threatening the already fragile economy. Policymakers emphasized ongoing global uncertainty, noting that many countries have yet to finalize trade agreements before the US tariff deadline. They also observed a stronger rand and more moderate inflation expectations, with June’s CPI showing headline inflation at 3% and core inflation at 2.9%, both near the lower bound of the target range. Inflation is expected to rise modestly to 3.3% this year before stabilizing at 3% in 2027. Meanwhile, the economy’s outlook remains subdued due to persistent supply-side challenges, particularly in logistics. Consequently, growth forecasts were revised down to 0.9% in 2025 (from 1.1% previously) and 1.3% in 2026 (from 1.5%), but raised to 2% in 2027 (from 1.8%).
2025-07-31
South Africa Cuts Key Rate to 7.25%, As Expected
The South African Reserve Bank cut its key interest rate by 25 bps to 7.25% on May 29, 2025, as widely anticipated, following a pause in March, to support a faltering economy and in response to a more favorable inflation outlook. Policymakers revised inflation forecasts downward, now expecting it to average 3.2% in 2025 (vs. 3.6% in March) and 4.2% in 2026 (down from 4.5%), citing a lower starting point, more favorable oil prices and exchange rates, and the scrapping of planned VAT hikes. Growth projections were also lowered from 1.7% to 1.2%, reflecting increased downside risks. Despite some headwinds, the outlook for structural reforms remains broadly positive. The Committee indicated a preference for steering inflation toward 3%, aiming to anchor expectations near the lower end of the target range, and plans to explore a 3% objective in future meetings.
2025-05-29
SARB Leaves Rates on Hold
The South African Reserve Bank kept the repo rate unchanged at 7.5% during its 2025 March meeting, with risks to economic stability calling for caution. Inflation, while contained, has edged higher, with goods inflation remaining low but services inflation rising. VAT hikes and CPI reweighting affected the outlook, but lower fuel prices and electricity tariffs improved projections. In February inflation was steady at 3.2%, its highest in four months. The central bank sees headline inflation at 3.6% this year and 4.5% next year. Looking to GDP, overall growth was weak at 0.6% in 2024, below expectations and slightly worse than 2023. The 2025 forecast was revised down to 1.7% due to weak demand and supply issues. The 2025Q1 GDP projection is 0.4% (q/q, seasonally adjusted), while 2025Q2 is 0.5%.
2025-03-20