The South African Reserve Bank reduced its key interest rate by 25 basis points to 7.75% on November 21st, 2024, as anticipated, bringing borrowing costs to their lowest level since April 2023. Policymakers stressed that while inflation is well-contained in the short term, the medium-term outlook carries significant uncertainties and potential for upside risks. The Bank noted that headline inflation dipped below its target range of 3%-6% at 2.8% in October, reflecting a stronger exchange rate and lower oil prices compared to last year, with these temporary supply shocks expected to keep inflation below 4% until mid-2025. The 2024 inflation forecast was revised down to 4.5% from 4.6%, while the 2025 estimate remained unchanged at 4%, and the 2026 projection was raised to 4.6% from 4.4% due to higher electricity prices. Regarding economic growth, the central bank kept its 2024 forecast at 1.1%, increased its 2025 projection to 1.7% from 1.6%, and held its 2026 forecast steady at 1.8%. source: South African Reserve Bank

The benchmark interest rate in South Africa was last recorded at 7.75 percent. Interest Rate in South Africa averaged 11.82 percent from 1998 until 2024, 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 November of 2024.

The benchmark interest rate in South Africa was last recorded at 7.75 percent. Interest Rate in South Africa is expected to be 7.75 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 6.75 percent in 2025 and 5.50 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-07-18 01:00 PM
Interest Rate Decision
8.25% 8.25% 8.25% 8.25%
2024-09-19 01:00 PM
Interest Rate Decision
8% 8.25% 8% 8.0%
2024-11-21 01:00 PM
Interest Rate Decision
7.75% 8% 7.75% 7.75%


Related Last Previous Unit Reference
Banks Balance Sheet 8150240.00 7984245.00 ZAR Million Sep 2024
Central Bank Balance Sheet 1152794.00 1167707.00 ZAR Million Sep 2024
Foreign Exchange Reserves 63028.00 63633.00 USD Million Oct 2024
Interbank Rate 7.88 7.93 percent Nov 2024
Interest Rate 7.75 8.00 percent Nov 2024
Lending Rate 11.50 11.50 percent Nov 2024
Loans to Private Sector 4828204.00 4769991.00 ZAR Million Sep 2024
Money Supply M0 511034.00 478334.00 ZAR Million Sep 2024
Money Supply M1 2812300.00 2651978.00 ZAR Million Sep 2024
Money Supply M2 4391966.00 4343350.00 ZAR Million Sep 2024
M3 Money Supply YoY 5368531.00 5297891.00 ZAR Million Sep 2024

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
7.75 8.00 23.99 3.50 1998 - 2024 percent Daily


News Stream
South Africa Trims Key Policy Rate to 7.75%
The South African Reserve Bank reduced its key interest rate by 25 basis points to 7.75% on November 21st, 2024, as anticipated, bringing borrowing costs to their lowest level since April 2023. Policymakers stressed that while inflation is well-contained in the short term, the medium-term outlook carries significant uncertainties and potential for upside risks. The Bank noted that headline inflation dipped below its target range of 3%-6% at 2.8% in October, reflecting a stronger exchange rate and lower oil prices compared to last year, with these temporary supply shocks expected to keep inflation below 4% until mid-2025. The 2024 inflation forecast was revised down to 4.5% from 4.6%, while the 2025 estimate remained unchanged at 4%, and the 2026 projection was raised to 4.6% from 4.4% due to higher electricity prices. Regarding economic growth, the central bank kept its 2024 forecast at 1.1%, increased its 2025 projection to 1.7% from 1.6%, and held its 2026 forecast steady at 1.8%.
2024-11-21
South Africa Cuts Key Rate for 1st Time Since 2020
The South African Reserve Bank slashed its key interest rate by 25 bps to 8% on September 19, 2024, as expected, following seven consecutive meetings at a 15-year peak of 8.25%. This marks the SARB’s first policy easing since the pandemic in 2020, as price pressures cooled. The annual inflation slowed to 4.4% in August from 4.6% the prior month, dropping below the midpoint of the central bank's preferred target range of 3% to 6%, for the first time in over three years. Policymakers expect this progress to be sustained, with inflation projected to remain below the 4.5% midpoint through the end of the forecast horizon in 2026. Accordingly, inflation projections were lowered, with 2024's forecast cut to 4.6% from 4.9%, the 2025 estimate reduced to 4% from 4.4%, and the 2026 projection trimmed to 4.4% from 4.5%. Concerning economic activity, the SARB maintained its 2024 projection at 1.1%, while revising its 2025 forecast up to 1.6% (from 1.5%) and its 2026 forecast to 1.8% (from 1.7%).
2024-09-19
SARB Leaves Rates on Hold
The South African Reserve Bank kept the repo rate unchanged at a 15-year high of 8.25% for a seventh consecutive meeting in July 2024 meeting, in line with market expectations. However, two policymakers preferred a reduction of 25 basis points. The central bank noted that restrictive policy remains appropriate to stabilise inflation at 4.5% and that an unchanged stance remained appropriate, given the inflation risks. Some officials, however, were of the view that the inflation outlook had improved enough to reduce the degree of restrictiveness. The central bank added that inflation expectations do not yet reflect the 4.5% midpoint objective over the medium term. While expectations are moving in the right direction, they continue to show the impact of the recent inflation surge. Inflation in South Africa came in at 5.2% in May.
2024-07-18