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 13.10 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.

      Forecast    
South Africa Interest Rate


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 Friday, March 6, 2015.


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.

Excerpts from the statement by Lesetja Kganyago, Governor:

Since the previous meeting of the Monetary Policy Committee, the inflation outlook has been dominated by the further decline in international oil prices, from around US$75 per barrel in late November to current levels of around US$46 per barrel. Domestic petrol prices declined by almost R2 per litre over the period (and over R3 per litre since August), and a further sizeable decrease is expected in February. This decline in domestic prices occurred despite some offsetting effects from a further depreciation of the rand against the US dollar.

The near-term inflation outlook has therefore changed significantly, but the favourable impact of these developments on both inflation and growth in the longer term will depend on the persistence of the oil price decline. Even a moderate increase in oil prices going forward will reverse the favourable inflation trajectory, and the inflation and growth benefits, while welcome, are expected to be temporary. At the same time, the impact of load shedding and a deterioration of the global growth outlook are likely to offset some of the positive impacts of the lower petrol price on domestic growth.

The domestic economic growth outlook remains subdued. Despite an expected growth acceleration in the fourth quarter of 2014 following an annualised growth rate of 1,4 per cent in the previous quarter, growth for 2014 is expected to average 1,4 per cent, with at least one percentage point lost to work stoppages. The Bank’s forecast for growth in 2015 has been revised down from 2,5 per cent to 2,2 per cent, and that for 2016 from 2,9 per cent to 2,4 per cent. This forecast attempts to take account of electricity supply disruptions which more than offset the positive growth impact of lower oil prices. The Bank’s composite business cycle indicator has followed a moderate downward trend in the past months, confirming the subdued outlook.

For some time we have emphasised that we are in a process of interest rate normalisation. The lower inflation path gives us some room to pause in this process, particularly against the backdrop of continued weakness in the economy. The MPC has therefore unanimously decided to keep the repurchase rate unchanged at 5,75 per cent per annum. 

The MPC is aware that the moderation in inflation could raise expectations of lower interest rates. The MPC is of the view that the bar for further accommodation remains high and would require a sustained decline in the inflation rate and inflation expectations. 

Anna Fedec | anna@tradingeconomics.com
1/29/2015 1:52:37 PM


Recent Releases

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-09-18 02:00 PM
Interest Rate Decision 
5.75% 5.75% 5.75% 5.75%
2014-11-20 01:25 PM
Interest Rate Decision 
5.75% 5.75% 5.75%
2015-01-29 01:00 PM
Interest Rate Decision 
5.75% 5.75% 5.75% 5.75%
2015-03-26 01:00 PM
Interest Rate Decision 
5.75% 5.75%
2015-05-21 02:00 PM
Interest Rate Decision 
5.75%
2015-07-23 02:30 PM
Interest Rate Decision 
5.75%


South Africa Money Last Previous Highest Lowest Unit
Interest Rate 5.75 5.75 23.99 5.00 percent [+]
Interbank Rate 5.67 5.67 23.50 1.58 percent [+]
Money Supply M0 197914.00 209636.00 209636.00 415.00 ZAR Million [+]
Money Supply M1 1239869.00 1243436.00 1299917.00 1482.00 ZAR Million [+]
Money Supply M2 2225488.00 2229024.00 2261052.00 2887.00 ZAR Million [+]
Money Supply M3 2720252.00 2680857.00 2720252.00 4796.00 ZAR Million [+]
Foreign Exchange Reserves 551754.00 568524.00 568524.00 153.00 ZAR THO Million [+]
Loans to Private Sector 2869123.00 2806032.00 2869123.00 4051.00 ZAR Million [+]
Banks Balance Sheet 4289102.00 4182959.00 4289102.00 114781.00 ZAR Million [+]
Central Bank Balance Sheet 604778.00 626341.00 626341.00 543.00 ZAR Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Feb/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Feb/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Feb/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.50 Feb/15 7.75 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]