The South African Reserve Bank raised its benchmark repo rate by 50 bps to 4.75% at its May 2022 meeting, as widely expected. This is the 4th consecutive hike and the biggest in over six years due to heightened inflation risks stemming from geopolitical tensions. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 5.9% in 2022 (vs 5.8% in March), 5% in 2023 (vs 4.6%) and 4.7% in 2024 (vs 4.6%). Meanwhile, the GDP growth projections were cut to 1.7% in 2022 from an earlier estimate of 2%, mainly due to a combination of short-term factors including flooding in the key KwaZulu-Natal province and the resumption of rolling power blackouts. However, the GDP growth forecasts were kept unchanged at 1.9% for 2023. The implied policy rate path of the central bank model indicates gradual normalisation through 2024. source: South African Reserve Bank

Interest Rate in South Africa averaged 12.04 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 July of 2022.

Interest Rate in South Africa is expected to be 4.75 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 7.25 percent in 2023 and 8.25 percent in 2024, according to our econometric models.

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South Africa Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-27 01:00 PM 4% 3.75% 4% 4%
2022-03-24 01:00 PM 4.25% 4% 4.25% 4.25%
2022-05-19 01:00 PM 4.75% 4.25% 4.75% 4.75%
2022-07-21 01:00 PM 4.75% 5.25%
2022-09-22 01:00 PM 6%
2022-11-24 01:00 PM


Related Last Previous Unit Reference
Interest Rate 4.75 4.25 percent May 2022
Interbank Rate 5.01 5.01 percent Jul 2022
Money Supply M1 2378735.00 2335543.00 ZAR Million May 2022
Money Supply M0 310126.00 302939.00 ZAR Million May 2022
Money Supply M2 3682997.00 3679429.00 ZAR Million May 2022
Money Supply M3 4467899.00 4455810.00 ZAR Million May 2022
Banks Balance Sheet 6908931.00 6849018.00 ZAR Million May 2022
Foreign Exchange Reserves 59258.00 60280.00 USD Million May 2022
Loans to Private Sector 4219158.00 4210667.00 ZAR Million May 2022
Central Bank Balance Sheet 1026836.00 1071239.00 ZAR Million May 2022
Lending Rate 8.25 7.75 percent May 2022

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
4.75 4.25 23.99 3.50 1998 - 2022 percent Daily

News Stream
South Africa Hikes Key Interest Rate to 4.75%
The South African Reserve Bank raised its benchmark repo rate by 50 bps to 4.75% at its May 2022 meeting, as widely expected. This is the 4th consecutive hike and the biggest in over six years due to heightened inflation risks stemming from geopolitical tensions. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 5.9% in 2022 (vs 5.8% in March), 5% in 2023 (vs 4.6%) and 4.7% in 2024 (vs 4.6%). Meanwhile, the GDP growth projections were cut to 1.7% in 2022 from an earlier estimate of 2%, mainly due to a combination of short-term factors including flooding in the key KwaZulu-Natal province and the resumption of rolling power blackouts. However, the GDP growth forecasts were kept unchanged at 1.9% for 2023. The implied policy rate path of the central bank model indicates gradual normalisation through 2024.
2022-05-19
South Africa Lifts Key Interest Rate to 4.25%
The South African Reserve Bank raised its benchmark repo rate by another 25 bps to 4.25% at its March 2022 meeting, as widely expected. This is the third consecutive hike due to increased inflation risks stemming from the war in Ukraine. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised sharply higher to 5.8% in 2022 (vs 4.9% in January), primarily due to the higher food and fuel prices; and to 4.6% in 2023 (vs 4.5%). Meanwhile, the GDP growth projections were raised to 2% in 2022 from an earlier estimate of 1.7% and to 1.9% in 2023 (vs 1.8% in January). The implied policy rate path of the central bank model, given the inflation forecast, indicates gradual normalisation through to 2024.
2022-03-24
South Africa Hikes Key Interest Rate to 4%
The South African Reserve Bank lifted its benchmark repo rate by 25 bps to 4% at its January 2022 meeting, as widely expected. This is the second consecutive hike due to increased inflation risks and despite the economy still recovering from the fourth wave of Covid-19 infections driven by the Omicron variant. 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 December, headline inflation accelerated further to 5.9%, above market expectations of 5.7% and moving closer to the top of the SARB’s target range of 3-6%. Headline CPI forecast has been revised slightly higher to 4.9% in 2022 (vs 4.3% in November) but lowered to 4.5% in 2023 (vs 4.6%). Meanwhile, the GDP growth projections were kept unchanged at 1.7% for 2022 and 1.8% for 2023. The central bank's model indicates gradual normalisation in the first quarter of 2022, and into 2023 and 2024.
2022-01-27