South Africa Interest Rate  1998-2016 | Data | Chart | Calendar | Forecast

The South African Reserve Bank kept its benchmark repo rate unchanged at 7 percent in September of 2016 as widely expected. Policymakers said the inflation outlook has improved as earlier return to target range is seen, although growth remains subdued due to weak domestic fixed investment and low levels of business and consumer confidence. As a result, the improvement seen in the second quarter is unlikely to be sustained. Interest Rate in South Africa averaged 12.90 percent from 1998 until 2016, reaching an all time high of 23.99 percent in June of 1998 and a record low of 5 percent in July of 2012. Interest Rate in South Africa is reported by the South African Reserve Bank.

South Africa Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 23.99 5.00 1998 - 2016 percent Daily
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. This page provides - South Africa Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Interest Rate - actual data, historical chart and calendar of releases - was last updated on September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-19 01:00 PM Interest Rate Decision 7% 7% 7% 7%
2016-07-21 01:00 PM Interest Rate Decision 7% 7% 7% 7%
2016-09-22 01:00 PM Interest Rate Decision 7% 7% 7.0% 7.0%
2016-11-23 01:00 PM Interest Rate Decision 7% 7.0%

South Africa Leaves Key Rate on Hold in September


The South African Reserve Bank kept its benchmark repo rate unchanged at 7 percent in September of 2016 as widely expected. Policymakers said the inflation outlook has improved as earlier return to target range is seen, although growth remains subdued due to weak domestic fixed investment and low levels of business and consumer confidence. As a result, the improvement seen in the second quarter is unlikely to be sustained.

Excerpts from the statement issued by Lesetja Kganyago:

The domestic economy remains weak despite the positive growth surprise in the second quarter of 2016, when an annualised growth rate of 3,3 per cent was recorded. This was driven by a rebound in the primary sector, and a surge in real exports. Mainly as a result of the higher starting point, the Bank’s forecast for economic growth for 2016 has been revised upward from zero per cent to 0,4 percent. The forecasts for the next two years have been increased marginally by 0,1 percentage points, to 1,2 per cent and 1,6 per cent respectively. Estimates of potential output growth are unchanged, implying a persistence of below-potential growth. The trend in the Bank’s composite leading indicator of economic activity remains indicative of subdued growth.

The Monetary Policy Committee has noted improvements in the expected inflation trajectory during the course of the year. Apart from the tighter stance of monetary policy, this has also been driven by lower starting points, as inflation surprised at times on the downside, and changed assumptions underlying the forecast. The expected peak in headline inflation is notably lower, and an earlier return to within the target range is also expected. Most of the changes have been for the current and coming year, whereas the changes in the forecast for 2018 have been marginal. Changes to the core inflation forecast have been less pronounced, but it is no longer expected to breach the upper end of the target range. Despite these improvements, the longer-term inflation trajectory remains uncomfortably close to the upper end of the target range, with high wage settlement rates and inflation expectations contributing to this persistence.

The MPC assesses the risks to the inflation forecast to be more or less balanced at this stage. The current level of the rand is stronger than that implicit in the forecast, and, in conjunction with continued low levels of pass-through from the rand to inflation, the risks are assessed to have moderated somewhat. However, some of the positive factors impacting on the rand may be temporary, and the rand remains vulnerable to both domestic and external shocks. The other major risk to the inflation outlook relates to food prices. The forecast still expects food prices to peak in the final quarter of this year. The future trajectory of these prices will be highly dependent on the normalisation of rainfall in the coming months. Favourable weather patterns could see food price inflation falling faster than that implicit in the forecast. 

The committee is aware that a number of the favourable factors that have contributed to the improved outlook can change very quickly resulting in a reassessment of this view. The bar for monetary accommodation, by contrast, remains high, as the MPC would need to see a more significant and sustained decline of the inflation trajectory to within the inflation target range.

South African Reserve Bank | Mojdeh Kazemi | mojdeh@tradingeconomics.com
9/22/2016 2:27:32 PM

South Africa Money Last Previous Highest Lowest Unit
Interest Rate 7.00 7.00 23.99 5.00 percent [+]
Interbank Rate 7.36 7.36 16.96 5.06 percent [+]
Money Supply M0 218637.00 221141.00 225282.00 415.00 ZAR Million [+]
Money Supply M1 1451769.00 1436672.00 1493081.00 1482.00 ZAR Million [+]
Money Supply M2 2453694.00 2414568.00 2459084.00 2887.00 ZAR Million [+]
Money Supply M3 3029735.00 3035252.00 3075329.00 4796.00 ZAR Million [+]
Banks Balance Sheet 4843921.00 4844279.00 4891402.00 114781.00 ZAR Million [+]
Foreign Exchange Reserves 45708.00 46157.00 51889.00 5316.00 USD Million [+]
Loans to Private Sector 3170994.00 3160505.00 3170994.00 4051.00 ZAR Million [+]
Deposit Interest Rate 6.20 5.80 18.86 5.15 percent [+]
Lending Rate 10.50 10.50 25.50 5.00 percent [+]
Central Bank Balance Sheet 739405.00 726921.00 801122.00 543.00 ZAR Million [+]




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