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

South African Reserve Bank raised the repurchase rate by half a percentage point to 6.75 percent, its second consecutive hike aimed at stopping the depreciation of its currency and high inflation. Three members of the rate-setting committee supported the decision, while two preferred a quarter-point rise, and one member preferred no change. Interest Rate in South Africa averaged 12.93 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
6.75 6.25 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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-09-23 02:00 PM Interest Rate Decision 6.0% 6.0% 6.0% 6.0%
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 6.75% 6.75%
2016-05-19 01:00 PM Interest Rate Decision 6.75%
2016-07-20 01:00 PM Interest Rate Decision 7%

South Africa Raises Key Rate to 6.75%


South African Reserve Bank raised its main repurchase rate by half a percentage point to 6.75 percent on January 28th, 2016, its second consecutive hike aimed at stopping the depreciation of its currency and high inflation. Three members of the rate-setting committee supported the decision, while two preferred a quarter-point rise, and one member preferred no change

Excerpts from the statement issued by Lesetja Kganyago:

Since the previous meeting of the Monetary Policy Committee, the inflation outlook has deteriorated significantly, mainly due to exchange rate and food price developments. The rand has depreciated considerably in response to domestic and external developments, while the impact of the worsening drought on food prices is becoming increasingly evident. The outlook is complicated by the fact that the domestic growth outlook has weakened further. The global backdrop has also become more challenging particularly for emerging markets, and downside risks to the sustainability of the recovery in the advanced economies have increased.

The MPC assesses the risks to the inflation outlook to be relatively balanced. While there may be potential for further rand weakness in the short-term given the negative outlook for emerging markets in general as well as domestic factors, the lower observed exchange rate pass-through remains a mitigating factor. However, there is still uncertainty as to the sustainability of this low pass-through, particularly in the face of large nominal exchange rate movements as recently experienced. The upside risk from the exchange rate is more or less offset by the downside risks from the international oil price assumptions and projected food price inflation. 

The Committee faced the continuing dilemma of a deteriorating inflation environment and a worsening growth outlook. The risks to the growth outlook are assessed to be on the downside, despite the downward revision to the forecast. 

Given the deterioration in the inflation outlook, the MPC decided to increase the repurchase rate by 50 basis points to 6,75 per cent per annum, effective from 29 January 2016. Three members supported a 50 basis point increase, two members preferred a 25 basis point increase, while one member preferred no change.

The MPC still views the stance of monetary policy to be accommodative. Despite the rate increase, the real repurchase rate remains low given the higher expected inflation over the period. The MPC will remain focused on its core mandate of containing inflation within a flexible inflation targeting framework. As noted on a number of occasions in the past, the MPC is of the view that the growth constraints facing the economy are primarily of a structural nature and cannot be solved solely by monetary policy. Nevertheless, the MPC remains sensitive, to the extent possible, to the possible negative impact of monetary policy actions on cyclical growth. As before, future moves will be highly data dependent.

South African Reserve Bank | Joana Taborda | joana.taborda@tradingeconomics.com
1/28/2016 2:31:11 PM

South Africa Money Last Previous Highest Lowest Unit
Interest Rate 6.75 6.25 23.99 5.00 percent [+]
Interbank Rate 6.98 6.98 16.96 5.06 percent [+]
Money Supply M0 214934.00 225282.00 225282.00 415.00 ZAR Million [+]
Money Supply M1 1427839.00 1436679.00 1436679.00 1482.00 ZAR Million [+]
Money Supply M2 2441041.00 2448155.00 2448155.00 2887.00 ZAR Million [+]
Money Supply M3 2977693.00 2963085.00 2977693.00 4796.00 ZAR Million [+]
Banks Balance Sheet 4833789.00 4687605.00 4833789.00 114781.00 ZAR Million [+]
Foreign Exchange Reserves 45119.00 46126.00 51889.00 5316.00 USD Million [+]
Loans to Private Sector 3107569.00 3076276.00 3107569.00 4051.00 ZAR Million [+]
Deposit Interest Rate 5.80 5.15 18.86 5.15 percent [+]
Lending Rate 10.25 10.25 25.50 5.00 percent [+]
Central Bank Balance Sheet 794527.00 782761.00 794527.00 543.00 ZAR Million [+]




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