The South African Reserve Bank kept its key repo rate unchanged at 6.75% on January 29, 2026, as widely expected, after a 25 bps rate cut in November. The decision was not unanimous, with two members favoring a 25-basis-point cut. Policymakers noted that, although the inflation outlook is improving, they aim for a further drop in inflation expectations and remain watchful of potential price pressures from electricity tariffs. Uncertainty in global politics also weighed. The SARB revised its inflation forecasts, lowering the 2026 estimate to 3.3% from 3.5%, while slightly raising the 2027 forecast to 3.2% from 3.1%. Governor Lesetja Kganyago said that inflation is expected to reach the new 3% target by 2028. The bank sees growth at an unchanged 1.4% this year and 1.9% next year. The SARB'S quarterly projection model continued to show gradual cuts, with the benchmark rate declining to 6.31% by end-2026 and 6.05% by the end of the next year. source: South African Reserve Bank

The benchmark interest rate in South Africa was last recorded at 6.75 percent. Interest Rate in South Africa averaged 11.73 percent from 1998 until 2026, 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 February of 2026.

The benchmark interest rate in South Africa was last recorded at 6.75 percent. Interest Rate in South Africa is expected to be 6.75 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 6.00 percent in 2027 and 5.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-09-18 01:00 PM Interest Rate Decision 7% 7% 7% 7%
2025-11-20 01:00 PM Interest Rate Decision 6.75% 7% 6.75% 6.75%
2026-01-29 01:00 PM Interest Rate Decision 6.75% 6.75% 6.75% 6.75%
2026-03-26 01:00 PM Interest Rate Decision 6.75%
2026-05-28 01:00 PM Interest Rate Decision
2026-07-23 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 8972364.00 8944186.00 ZAR Million Dec 2025
Central Bank Balance Sheet 1318176.00 1292080.00 ZAR Million Dec 2025
Foreign Exchange Reserves 80193.00 75890.00 USD Million Jan 2026
Interbank Rate 6.60 6.59 percent Feb 2026
Interest Rate 6.75 6.75 percent Jan 2026
Lending Rate 10.25 10.25 percent Dec 2025
Loans to Private Sector 5237674.00 5165677.00 ZAR Million Dec 2025
Money Supply M0 563633.00 517054.00 ZAR Million Dec 2025
Money Supply M1 2921787.00 3063617.00 ZAR Million Dec 2025
Money Supply M2 4835694.00 4799269.00 ZAR Million Dec 2025
M3 Money Supply YoY 5882466.00 5845479.00 ZAR Million Dec 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
6.75 6.75 23.99 3.50 1998 - 2026 percent Daily

News Stream
South Africa Holds Key Rate at 6.75% as Forecast
The South African Reserve Bank kept its key repo rate unchanged at 6.75% on January 29, 2026, as widely expected, after a 25 bps rate cut in November. The decision was not unanimous, with two members favoring a 25-basis-point cut. Policymakers noted that, although the inflation outlook is improving, they aim for a further drop in inflation expectations and remain watchful of potential price pressures from electricity tariffs. Uncertainty in global politics also weighed. The SARB revised its inflation forecasts, lowering the 2026 estimate to 3.3% from 3.5%, while slightly raising the 2027 forecast to 3.2% from 3.1%. Governor Lesetja Kganyago said that inflation is expected to reach the new 3% target by 2028. The bank sees growth at an unchanged 1.4% this year and 1.9% next year. The SARB'S quarterly projection model continued to show gradual cuts, with the benchmark rate declining to 6.31% by end-2026 and 6.05% by the end of the next year.
2026-01-29
South Africa Trims Key Policy Rate as Expected
The South African Reserve Bank cut its key repo rate by 25 bps to 6.75% on November 20, 2025, as widely anticipated, after keeping it unchanged at 6.50% in September. The decision was unanimous, with officials agreeing that policy can now be eased amid a more favorable inflation outlook and balanced growth risks. Policymakers noted that inflation has accelerated somewhat over the past few months, reaching 3.6% for October, but they expect this to be temporary, with inflation remaining on track to meet the new 3% medium-term target. The inflation forecasts for 2025 and 2026 were slightly revised downward to 3.3% (from 3.4%) and 3.5% (from 3.6%), respectively. Regarding economic activity, the SARB raised its 2025 growth forecast to 1.3% (previously 1.2%) and maintained the 2026 projection at 1.4%. Looking ahead, the central bank noted that its Quarterly Projection Model continues to forecast gradual rate cuts as inflation subsides.
2025-11-20
South Africa Keeps Key Interest Rate Unchanged at 7%
The South African Reserve Bank left its key repo rate unchanged at 7% on September 18, 2025, as widely anticipated, signaling caution amid global uncertainty while preparing to adopt a new 3% inflation target. The decision was not unanimous, with four members voting to keep rates unchanged and two favoring a 25-basis-point cut. Since September last year, rates have been reduced by 125 basis points, and policymakers said they are pausing to assess the impact on the economy, evolving expectations, and inflation risks. They observed that headline inflation has risen recently as expected and is projected to peak in the near term, averaging 3.4% in 2025 and 3.6% in 2026—slightly higher than the previous forecast—before easing back to 3% in 2027. Meanwhile, the 2025 growth forecast was raised to 1.2% from 0.9% after Q2 GDP exceeded expectations, with modest gains expected in the coming years, aided by structural reforms, despite export headwinds from higher tariffs.
2025-09-18