South Africa Interest Rate 1998-2014 | Data | Chart | Calendar | Forecast

The benchmark interest rate in South Africa was last recorded at 5.75 percent. Interest Rate in South Africa averaged 13.17 Percent from 1998 until 2014, 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


Actual Previous Highest Lowest Dates Unit Frequency
5.75 5.75 23.99 5.00 1998 - 2014 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 Thursday, October 23, 2014.


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.

Excerpts from the statement by Gill Marcus, Governor:

The MPC remains concerned about the risks of a wage-price spiral, should settlements well in excess of inflation and productivity growth become the economy-wide norm. Such developments could also undermine South Africa’s international competitiveness and delay the current account adjustment.

The deterioration in the longer term inflation trajectory relative to the previous forecast is a result of the revised tariff increases granted to Eskom by Nersa. The view of the Committee is that such relative price adjustments should not be reacted to automatically. However, while the focus of monetary policy should be on the second round effects of these increases, this is complicated given the multi-year nature of the adjustment.

While inflation is the primary focus of the Committee, the MPC is also mindful of the anemic state of the domestic economy, rising unemployment and the downside risk to its growth forecast. Domestic expenditure has deteriorated further, particularly private sector fixed capital formation, and, together with continued moderation in household consumption expenditure, is indicative of the lack of demand pressures in the economy.

The MPC is still of the view that interest rates will have to normalise over time. However, given the slightly improved inflation outlook notwithstanding the upside risks, the stable inflation expectations and the downside risks to the weak growth outlook, the MPC has decided that the repurchase rate will remain unchanged at 5.75 per cent per annum.

Despite the 75 basis point increase so far this year, monetary policy remains accommodative, and will continue to be supportive of the domestic economy subject to achieving its primary inflation targeting objective. Future decisions will, as always, be highly data dependent.

Reserve Bank of South Africa | Joana Taborda | joana.taborda@tradingeconomics.com
9/18/2014 2:42:03 PM


Recent Releases

South Africa Raises Rate to 5.75%
At its July 17th meeting, South African Reserve Bank decided to raise the repo rate by 25 bps to 5.75 percent as inflation has breached the upper end of target range. Published on 2014-07-17

South Africa Leaves Monetary Policy Unchanged
At its May 22nd, 2014 meeting, South African Reserve Bank left the benchmark interest rate unchanged at 5.5 percent for the second straight meeting, as inflation is expected to remain outside the target for some time, while demand conditions in the economy remain subdued. Published on 2014-05-22


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-03-27 01:00 PM South Africa
Interest Rate Decision
5.5% 5.5% 5.5% 5.5%
2014-05-22 02:00 PM South Africa
Interest Rate Decision
5.5% 5.5% 5.5% 5.5%
2014-07-17 02:30 PM South Africa
Interest Rate Decision
5.75% 5.5% 5.5% 5.5%
2014-09-18 02:00 PM South Africa
Interest Rate Decision
5.75% 5.75% 5.75% 5.75%
2014-11-20 01:00 PM South Africa
Interest Rate Decision
5.75% 5.75%


South Africa Money Last Previous Highest Lowest Unit
Interest Rate 5.75 5.75 23.99 5.00 Percent [+]
Interbank Rate 5.64 5.37 23.50 1.58 Percent [+]
Money Supply M0 186355.00 182522.00 193902.00 415.00 ZAR Million [+]
Money Supply M1 1202095.00 1188026.00 1217569.00 1482.00 ZAR Million [+]
Money Supply M2 2119113.00 2147986.00 2147986.00 2887.00 ZAR Million [+]
Money Supply M3 2662818.00 2657132.00 2662818.00 4796.00 ZAR Million [+]
Foreign Exchange Reserves 528809.00 533984.00 556657.00 153.00 ZAR THO Million [+]
Loans to Private Sector 2746300.00 2739000.00 2746300.00 4051.00 ZAR Million [+]
Banks Balance Sheet 4008864.00 4019635.00 4019635.00 114781.00 ZAR Million [+]
Central Bank Balance Sheet 581926.00 559438.00 603896.00 543.00 ZAR Million [+]