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

South African Reserve Bank raised its benchmark repo rate by 25bps to 7 percent on March 17th, its third straight hike, as policymakers voiced concern about growing inflation pressure despite a worsening growth outlook. Previous rate hikes have not prevented a rise in inflation, which in January reached a 17-month high of 6.2 percent, above its target of 3-6 percent. Three members of the rate-setting committee supported the decision. 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 6.75 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-11-19 01:00 PM Interest Rate Decision 6.25% 6.0% 6.0% 6.0%
2016-01-28 01:30 PM Interest Rate Decision 6.75% 6.5% 6.75% 6.5%
2016-03-17 01:00 PM Interest Rate Decision 7% 6.75% 6.75% 6.75%
2016-05-19 01:00 PM Interest Rate Decision 7% 7%
2016-07-20 01:00 PM Interest Rate Decision 7%
2016-09-22 01:00 PM Interest Rate Decision 7.25%

South Africa Hikes Repo Rate to 7%


South African Reserve Bank raised its benchmark repo rate by 25bps to 7 percent on March 17th, its third straight hike, as policymakers voiced concern about growing inflation pressure despite a worsening growth outlook. Previous rate hikes have not prevented a rise in inflation, which in January reached a 17-month high of 6.2 percent, above its target of 3-6 percent. Three members of the rate-setting committee supported the decision.

Excerpts from the statement issued by Lesetja Kganyago:

Since the previous meeting of the Monetary Policy Committee, headline inflation has exceeded the upper end of the target range as pressures from higher food prices in particular have intensified. Although the longer-term inflation outlook has improved somewhat, inflation is still expected to remain outside the target range for an extended period, and upside risks remain. The domestic economic growth prospects remain fragile following a fairly broad-based weakening in the final quarter of last year, while global economic prospects remain uncertain.

The MPC is cognisant of the fact that demand pressures on inflation remain subdued, and indications are that household consumption expenditure is likely to remain constrained. Nevertheless the recent increase in core inflation and its expected upward trend is indicative of broader inflation pressures and possible second-round effects from supply side shocks. While the evolution of inflation expectations is critical in this regard, at this stage there is no clear evidence of a deterioration in longer-term inflation expectations, but they remain at an elevated level.

The Committee remains concerned about the weak growth outlook amid negative business and consumer confidence. The growth challenges facing the economy are compounded by the deteriorating outlook for global growth. The committee assesses the risk to the growth outlook to be on the downside. 

Given the upside risks to the inflation forecast and the protracted period of the expected breach, the MPC decided that further tightening was required to complement the previous moves. Accordingly, the MPC decided to increase the repurchase rate by 25 basis points to 7,00 per cent per annum, effective from 18 March 2016. Three members favoured a 25 basis point increase while three members preferred no change. Ultimately the committee decided on an increase. 

The Committee faced the continuing dilemma of a deteriorating inflation environment and a worsening growth outlook. The MPC remains sensitive to the possible negative effects of policy tightening on cyclical growth, but will remain focused on its mandate of maintaining price stability.

South African Reserve Bank | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/17/2016 1:52:56 PM

South Africa Money Last Previous Highest Lowest Unit
Interest Rate 7.00 6.75 23.99 5.00 percent [+]
Interbank Rate 7.30 7.30 16.96 5.06 percent [+]
Money Supply M0 219341.00 215872.00 225282.00 415.00 ZAR Million [+]
Money Supply M1 1493081.00 1418107.00 1493081.00 1482.00 ZAR Million [+]
Money Supply M2 2459084.00 2416053.00 2459084.00 2887.00 ZAR Million [+]
Money Supply M3 3075329.00 3039651.00 3075329.00 4796.00 ZAR Million [+]
Banks Balance Sheet 4857562.00 4891402.00 4891402.00 114781.00 ZAR Million [+]
Foreign Exchange Reserves 46770.00 46126.00 51889.00 5316.00 USD Million [+]
Loans to Private Sector 3156722.00 3135392.00 3156722.00 4051.00 ZAR Million [+]
Deposit Interest Rate 5.80 5.15 18.86 5.15 percent [+]
Lending Rate 10.50 10.50 25.50 5.00 percent [+]
Central Bank Balance Sheet 760564.00 801122.00 801122.00 543.00 ZAR Million [+]




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