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

The South African Reserve Bank kept its benchmark repo rate on hold at 7 percent at its May 19th meeting, in line with expectations. Policymakers said there is some room to pause the tightening cycle as previous hike improved the inflation expectation while growth outlook worsened. 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 7.00 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 June of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 7% 7%
2016-07-20 01:00 PM Interest Rate Decision 7% 7%
2016-09-22 01:00 PM Interest Rate Decision 7.25%
2016-11-23 01:00 PM Interest Rate Decision 7.25%

South Africa Leaves Key Rate Unchanged at 7%


The South African Reserve Bank kept its benchmark repo rate on hold at 7 percent at its May 19th meeting, in line with expectations. Policymakers said there is some room to pause the tightening cycle as previous hike improved the inflation expectation while growth outlook worsened.

Excerpts from the statement issued by Lesetja Kganyago:

South Africa’s inflation and growth dynamics continue to highlight the policy dilemma facing monetary policy. Although headline CPI inflation has moderated since February, the respite is expected to be temporary, as food and petrol price pressures continue to intensify. The recovery in the rand exchange rate in April also proved to be short-lived, as both domestic and external factors weighed on the currency. At the same time, domestic economic growth continues to disappoint. While there are signs that the economy may be reaching the low point in the growth cycle, the recovery is expected to be slow with downside risks. Global economic growth and financial market conditions have stabilized somewhat since the previous MPC meeting, but a high degree of risk and  uncertainty persists.

The MPC faced the continuing dilemma of upside risks to the inflation forecast and a worsening growth outlook. The risks to the growth outlook are assessed to be on the downside, particularly in the short term, despite the downward revision to the forecast. Both the mining and agricultural sectors are expected to weigh heavily on the first quarter growth outcome, and the outlook is therefore dependent in part on whether these sectors rebound in the coming quarters. 

The Committee remains concerned that inflation expectations remain at uncomfortably high levels. Although core inflation has remained relatively contained in recent months, with a lower peak now expected, it is forecast to accelerate and exceed the upper end of the inflation target range for four quarters in response to exchange rate and wage pressures. 

The increase in the repo rate at the previous MPC meeting contributed to the improvement in the longer-term inflation forecast, and that move should be seen in conjunction with previous actions in the cycle and the lagged effects of monetary policy. The MPC felt that there is some room to pause in this tightening cycle and accordingly decided to keep the repurchase rate unchanged for now at 7 percent per annum. Five members preferred no change, while one member preferred a 25 basis point increase.

The MPC remains focused on its inflation mandate, but sensitive to the extent possible to the state of the economy. The MPC will not hesitate to act  appropriately should the inflation dynamics require a response, within a flexible inflation targeting framework. Future moves, as before, will continue to be highly data dependent.

South African Reserve Bank | Mojdeh Kazemi | mojdeh@tradingeconomics.com
5/19/2016 3:30:56 PM

South Africa Money Last Previous Highest Lowest Unit
Interest Rate 7.00 7.00 23.99 5.00 percent [+]
Interbank Rate 7.35 7.33 16.96 5.06 percent [+]
Money Supply M0 223409.00 219652.00 225282.00 415.00 ZAR Million [+]
Money Supply M1 1451865.00 1493081.00 1493081.00 1482.00 ZAR Million [+]
Money Supply M2 2438949.00 2459084.00 2459084.00 2887.00 ZAR Million [+]
Money Supply M3 3073387.00 3075329.00 3075329.00 4796.00 ZAR Million [+]
Banks Balance Sheet 4788807.00 4857562.00 4891402.00 114781.00 ZAR Million [+]
Foreign Exchange Reserves 46081.00 46126.00 51889.00 5316.00 USD Million [+]
Loans to Private Sector 3133093.00 3156722.00 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 799866.00 737280.00 801122.00 543.00 ZAR Million [+]




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