The South African Reserve Bank raised its key repo rate by 25 basis points to 7.25% on September 23, as widely expected, citing the need to bring inflation back toward its target. The decision was unanimous, reflecting upside risks to inflation and downside risks to economic growth. Consumer price inflation edged up to 4.4% in August from 4.3% in July, remaining close to the midpoint of the Reserve Bank’s 3%–6% target range. Policymakers said headline inflation is likely to rise above 5% later this year and in early 2027, driven by higher fuel prices, before slowing as the fuel-price shock recedes. Inflation is expected to return to around 3% toward the end of 2027. Accordingly, inflation forecasts were revised higher to 4.4% in 2026 (from 4.0% previously), 4.0% in 2027 (from 3.8%), and 3.2% in 2028 (from 3.1%). Regarding economic activity, the SARB cut its 2026 growth forecast to 1.2% (from 1.4%) but maintained the 2027 and 2028 projections at 1.7% and 1.9%, respectively. source: South African Reserve Bank

The benchmark interest rate in South Africa was last recorded at 7.25 percent. Interest Rate in South Africa averaged 11.66 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 October of 2026.

The benchmark interest rate in South Africa was last recorded at 7.25 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 7.00 percent in 2027 and 6.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-28 01:00 PM Interest Rate Decision 7% 6.75% 7% 7%
2026-07-23 01:00 PM Interest Rate Decision 7% 7% 7.25% 7.25%
2026-09-23 01:00 PM Interest Rate Decision 7.25% 7% 7.25% 7.25%
2026-11-19 01:00 PM Interest Rate Decision 7.25%


Related Last Previous Unit Reference
Banks Balance Sheet 9252348.00 9137546.00 ZAR Million Aug 2026
Central Bank Balance Sheet 1280080.00 1273238.00 ZAR Million Aug 2026
Foreign Exchange Reserves 75954.00 73451.00 USD Million Aug 2026
Interbank Rate 7.11 7.11 percent Sep 2026
Interest Rate 7.25 7.00 percent Sep 2026
Lending Rate 10.50 10.50 percent Aug 2026
Loans to Private Sector 5414262.00 5370071.00 ZAR Million Aug 2026
Money Supply M0 558111.00 552305.00 ZAR Million Aug 2026
Money Supply M1 3204984.00 3000540.00 ZAR Million Aug 2026
Money Supply M2 5018479.00 4942453.00 ZAR Million Aug 2026
M3 Money Supply YoY 6142378.00 6108725.00 ZAR Million Aug 2026


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
7.25 7.00 23.99 3.50 1998 - 2026 percent Daily

News Stream
South African Reserve Bank Delivers Rate Hike as Expected
The South African Reserve Bank raised its key repo rate by 25 basis points to 7.25% on September 23, as widely expected, citing the need to bring inflation back toward its target. The decision was unanimous, reflecting upside risks to inflation and downside risks to economic growth. Consumer price inflation edged up to 4.4% in August from 4.3% in July, remaining close to the midpoint of the Reserve Bank’s 3%–6% target range. Policymakers said headline inflation is likely to rise above 5% later this year and in early 2027, driven by higher fuel prices, before slowing as the fuel-price shock recedes. Inflation is expected to return to around 3% toward the end of 2027. Accordingly, inflation forecasts were revised higher to 4.4% in 2026 (from 4.0% previously), 4.0% in 2027 (from 3.8%), and 3.2% in 2028 (from 3.1%). Regarding economic activity, the SARB cut its 2026 growth forecast to 1.2% (from 1.4%) but maintained the 2027 and 2028 projections at 1.7% and 1.9%, respectively.
2026-09-23
South Africa Unexpectedly Keeps Rates Steady
The South African Reserve Bank kept its key repo rate unchanged at 7% on July 23, surprising most analysts who had expected a 25-basis-point increase, as policymakers sought to support a fragile economic recovery despite persistent inflation risks. The Monetary Policy Committee voted 4–2 to hold rates, citing a slightly improved inflation outlook and weaker growth, while reaffirming its objective of steering inflation toward its 3% target over time. Governor Lesetja Kganyago warned that renewed conflict in the Middle East, which has driven up oil and fertilizer prices, could warrant further tightening if higher fuel costs spill over into food prices and core inflation. South Africa’s annual inflation accelerated to 5% in June, although the central bank now expects inflation to average 4% in 2026, down from its previous forecast of 4.4%. The SARB also raised its 2026 growth forecast to 1.4% from 1.2%, while cautioning that economic momentum could weaken in the coming quarters.
2026-07-23
South Africa Lifts Key Policy Rate as Predicted
The South African Reserve Bank raised its key repo rate by 25 bps to 7% on May 28, 2026, as widely expected, marking its first rate hike since 2023. Four of the six members of the MPC backed the decision, while two voted to hold. The committee said inflation risks had increased due to the Middle East crisis and warned that overlapping shocks could trigger second-round effects, justifying a monetary policy response to contain risks and bring inflation back to target. South Africa’s inflation rate climbed to 4% in April from 3.1% in March, now sitting at the upper end of the central bank’s target range. Overall, Inflation forecasts were raised to 4.4% for 2026 (from 3.7%) and to 3.7% for 2027 (from 3.3%). Regarding economic activity, the central bank lowered its growth forecasts for 2026 to 1.2% (vs 1.4%) and for 2027 to 1.7% (vs 1.9%). The policy statement was again accompanied by three alternative scenarios, all pointing to some additional monetary policy tightening.
2026-05-28