South Africa Interest Rate 1998-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in South Africa was last recorded at 5.75 percent. Interest Rate in South Africa averaged 13.03 percent from 1998 until 2015, 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
5.75 5.75 23.99 5.00 1998 - 2015 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. Content for - South Africa Interest Rate - was last refreshed on Tuesday, July 7, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-01-29 01:00 PM 5.75% 5.75% 5.75% 5.75%
2015-03-26 01:00 PM 5.75% 5.75% 5.75% 5.75%
2015-05-21 02:00 PM 5.75% 5.75% 5.75% 5.75%
2015-07-23 02:00 PM 5.75% 5.75%
2015-09-23 02:00 PM 5.75%
2015-11-19 01:25 PM 5.75%

South Africa Leaves Rates on Hold; Lowers Growth Forecasts

South African Reserve Bank left its key repo rate unchanged at 5.75 percent in May as widely expected, signaling a rate rise may occur soon due to inflationary pressures. Policymakers also lowered growth forecasts and hiked inflation ones.

Excerpts from the statement issued by Lesetja Kganyago:

The challenges facing monetary policy have persisted, and, as expected, the downward trend in inflation which was mainly attributable to the impact of lower oil prices, has reversed. Headline inflation is expected to breach temporarily the upper end of the target range early next year, and thereafter remains uncomfortably close to the upper end of the target band for most of the forecast period. The upside risks have increased, mainly due to further possible electricity price increases. The exchange rate also continues to impart an upside risk to inflation as uncertainty regarding impending US monetary policy continues. Domestic demand, however, remains subdued while electricity constraints continue to weigh on output growth and general consumer and business confidence. 

The inflation forecast of the Bank has changed since the previous meeting of the MPC. Inflation is now expected to average 4.9 percent in 2015, with a first quarter low of 4.1 percent. A temporary breach of the upper end of the inflation target band is still expected during the first quarter of 2016, to peak at 6.8 percent, and to decline to 6.0 percent by the second quarter of that year. An average inflation rate of 6.1 percent is forecast for the year. The forecast period has now been extended to the end of 2017, with an average inflation rate of 5.7 percent expected for the year, and 5.6 percent in the final quarter.

The rand therefore remains an upside risk to the inflation outlook, although the degree of upside risk is tempered somewhat by the continued relatively low level of pass-through to consumer price inflation. The Bank estimates that the actual passthrough could be about half of what is currently implied in the forecast model, but it is still uncertain as to whether this reflects a permanent change or a temporary phenomenon which can reverse rapidly.

The domestic growth outlook remains weak, amid continued electricity supply constraints and low and declining levels of business and consumer confidence. The Bank’s forecast for GDP growth is marginally down from the previous forecast: growth is expected to average 2.1 percent and 2.2 percent in 2015 and 2016, and to increase to 2.7 percent in 2017.

The MPC has decided to keep the repurchase rate unchanged at this meeting. Four members of the committee favoured an unchanged stance while two favoured a 25 basis point increase. The deteriorating inflation outlook suggests that this unchanged stance cannot be maintained indefinitely. The MPC will continue to closely monitor the evolution of inflation expectations and other factors that could undermine the longer term inflation outlook and stands ready to act when appropriate.

South African Reserve Bank | Joana Taborda |
5/21/2015 2:58:21 PM

Recent Releases

South Africa Leaves Repo Rate at 5.75%
South Africa's Reserve Bank left interest rates unchanged at 5.75 percent as expected on March 26th, yet it signaled that raise may be coming soon forced by increase in inflationary pressures.
Published on 2015-03-26

South Africa Keeps Key Rate at 5.75%, Lowers Growth Forecast
South African Reserve Bank left its key repo rate on hold at 5.75 percent in January as inflationary pressures eased. The MPC also said that the bar for rate cuts remains high and would require a sustained decline in the inflation rate and inflation expectations and lowered the growth forecast for 2015 from 2.5 to 2.2 percent.
Published on 2015-01-29

South Africa Holds Key Rate Steady
South African Reserve Bank left its key repo rate on hold at 5.75 percent in November as inflationary pressures eased and growth outlook remains weak. The central bank also revised down inflation and growth forecasts.
Published on 2014-11-20

South Africa Leaves Monetary Policy Unchanged
At its September 2014 meeting, South African Reserve Bank left the repo rate unchanged at 5.75 percent, following last meeting’s 25 bps hike and saying that monetary policy remains accommodative, and will continue to be supportive of the domestic economy.
Published on 2014-09-18

South Africa Money Last Previous Highest Lowest Unit
Interest Rate 5.75 5.75 23.99 5.00 percent [+]
Interbank Rate 5.71 5.69 23.50 1.58 percent [+]
Money Supply M0 200095.00 205426.00 209636.00 415.00 ZAR Million [+]
Money Supply M1 1308850.00 1304079.00 1309180.00 1482.00 ZAR Million [+]
Money Supply M2 2312319.00 2282257.00 2312319.00 2887.00 ZAR Million [+]
Money Supply M3 2872594.00 2837141.00 2872594.00 4796.00 ZAR Million [+]
Foreign Exchange Reserves 565670.00 556140.00 568524.00 153.00 ZAR THO Million [+]
Loans to Private Sector 2966414.00 2936116.00 2966414.00 4051.00 ZAR Million [+]
Banks Balance Sheet 4348747.00 4373910.00 4373910.00 114781.00 ZAR Million [+]
Central Bank Balance Sheet 620777.00 619790.00 626341.00 543.00 ZAR Million [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jul/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jun/15 0.05 4.75 0.05 percent [+]
France 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]