South Africa Interest Rate  1998-2017 | Data | Chart | Calendar | Forecast

The South African Reserve Bank kept its benchmark repo rate on hold at 7 percent at its March 30th meeting, in line with expectations. Policymakers said the inflation outlook has improved although the exchange rate became a risk due to recent political uncertainties. Yet, policymakers added that the end of the tightening cycle has been reached. Interest Rate in South Africa averaged 12.78 percent from 1998 until 2017, reaching an all time high of 23.99 percent in June of 1998 and a record low of 5 percent in July of 2012.

South Africa Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-11-24 01:00 PM Interest Rate Decision 7% 7% 7% 7.0%
2017-01-24 01:00 PM Interest Rate Decision 7% 7% 7% 7%
2017-03-30 01:00 PM Interest Rate Decision 7% 7% 7% 7%
2017-05-25 01:00 PM Interest Rate Decision 7% 7%
2017-07-20 01:00 PM Interest Rate Decision 7%
2017-09-21 01:00 PM Interest Rate Decision 7%




South Africa Leaves Key Rate At 7%


The South African Reserve Bank kept its benchmark repo rate on hold at 7 percent at its March 30th meeting, in line with expectations. Policymakers said the inflation outlook has improved although the exchange rate became a risk due to recent political uncertainties. Yet, policymakers added that the end of the tightening cycle has been reached.

Excerpts from the statement issued by Lesetja Kganyago:

The inflation forecast of the Bank has improved, reversing most of the deterioration seen at the previous meeting of the MPC. Headline inflation is now expected to return to within the target range during the second quarter of 2017 compared with the fourth quarter previously, and to remain within the range for the rest of the forecast period. CPI inflation is expected to average 5.9% for the year, compared with 6.2% in the previous forecast, while the forecast for 2018 has moderated from an average of 5.5% to 5.4%. The forecast period has been extended to 2019, with an expected average of 5.5% for the year.

This improvement is mainly due to a more appreciated exchange rate assumption. Despite the recent depreciation, the current level of the rand is still consistent with the exchange rate assumption in the forecast. Although the international oil price 3 assumption remains unchanged, the exchange rate is expected to lead to lower petrol price inflation, and is reflected in a downward revision to the assumption for administered prices. The forecast for core inflation is marginally lower than before at an average of 5.4% in 2017, and unchanged at 5.2% in 2018. An average core inflation of 5.3% is expected in 2019.

The domestic growth outlook remains weak following the negative growth recorded in the fourth quarter of 2016. The 2016 annual GDP growth of 0.3% is likely to have been the low point of the growth cycle, and a mild recovery is expected over the forecast period. The Bank’s forecast for GDP growth has been revised up by 0.1 6 percentage points in both 2017 and 2018, to 1.2% and 1.7%, with growth of 2.0% forecast for 2019.

Since the previous MPC meeting the inflation outlook has improved. However, the risk to the inflation forecast has been affected by the reaction of the exchange rate to the current elevated levels of political uncertainty. At current levels of around R13.00 against the US dollar, the exchange rate is still moderately stronger than the level implied in the exchange rate assumption in the forecast. However, the rand is likely to react further to unfolding developments until a greater degree of certainty and confidence is restored.

The MPC is of the view that we may have reached the end of the tightening cycle. However the Committee would like to see a more sustained improvement in the inflation outlook before reducing rates. This assessment may however change if the inflation outlook and the risks to the outlook deteriorate.


South African Reserve Bank | Deborah Neves | deborah.neves@tradingeconomics.com
3/30/2017 2:41:53 PM



South Africa Money Last Previous Highest Lowest Unit
Interest Rate 7.00 7.00 23.99 5.00 percent [+]
Interbank Rate 7.34 7.34 16.96 5.06 percent [+]
Money Supply M0 227530.00 224173.00 240465.00 415.00 ZAR Million [+]
Money Supply M1 1586347.00 1612380.00 1612380.00 1482.00 ZAR Million [+]
Money Supply M2 2555504.00 2591852.00 2600811.00 2887.00 ZAR Million [+]
Money Supply M3 3194490.00 3201694.00 3206995.00 4796.00 ZAR Million [+]
Banks Balance Sheet 4907818.00 4887911.00 4907818.00 114781.00 ZAR Million [+]
Foreign Exchange Reserves 46588.00 46722.00 51889.00 5316.00 USD Million [+]
Loans to Private Sector 3292528.00 3280147.00 3292528.00 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 693891.00 683078.00 801122.00 543.00 ZAR Million [+]


South Africa Interest Rate Notes

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 April of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
7.00 7.00 23.99 5.00 1998 - 2017 percent Daily



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