The South African Reserve Bank raised its key repo rate by 25 bps to 7% on May 28, 2026, as widely expected, marking its first rate hike since 2023. Four of the six members of the MPC backed the decision, while two voted to hold. The committee said inflation risks had increased due to the Middle East crisis and warned that overlapping shocks could trigger second-round effects, justifying a monetary policy response to contain risks and bring inflation back to target. South Africa’s inflation rate climbed to 4% in April from 3.1% in March, now sitting at the upper end of the central bank’s target range. Overall, Inflation forecasts were raised to 4.4% for 2026 (from 3.7%) and to 3.7% for 2027 (from 3.3%). Regarding economic activity, the central bank lowered its growth forecasts for 2026 to 1.2% (vs 1.4%) and for 2027 to 1.7% (vs 1.9%). The policy statement was again accompanied by three alternative scenarios, all pointing to some additional monetary policy tightening. source: South African Reserve Bank

The benchmark interest rate in South Africa was last recorded at 7 percent. Interest Rate in South Africa averaged 11.69 percent from 1998 until 2026, reaching an all time high of 23.99 percent in June of 1998 and a record low of 3.50 percent in July of 2020. This page provides - South Africa Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2026.

The benchmark interest rate in South Africa was last recorded at 7 percent. Interest Rate in South Africa is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Interest Rate is projected to trend around 6.00 percent in 2027 and 5.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-01-29 01:00 PM Interest Rate Decision 6.75% 6.75% 6.75% 6.75%
2026-03-26 01:00 PM Interest Rate Decision 6.75% 6.75% 6.75% 6.75%
2026-05-28 01:00 PM Interest Rate Decision 7% 6.75% 7% 7%
2026-07-23 01:00 PM Interest Rate Decision 7% 7.0%
2026-09-23 01:00 PM Interest Rate Decision
2026-11-19 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 9043317.00 9081083.00 ZAR Million Apr 2026
Central Bank Balance Sheet 1351265.00 1383747.00 ZAR Million Apr 2026
Foreign Exchange Reserves 77089.00 77759.00 USD Million Apr 2026
Interbank Rate 6.61 6.61 percent May 2026
Interest Rate 7.00 6.75 percent May 2026
Lending Rate 10.25 10.25 percent May 2026
Loans to Private Sector 5333966.00 5289884.00 ZAR Million Apr 2026
Money Supply M0 554112.00 541072.00 ZAR Million Apr 2026
Money Supply M1 3024348.00 3157977.00 ZAR Million Apr 2026
Money Supply M2 4910387.00 4875388.00 ZAR Million Apr 2026
M3 Money Supply YoY 6046877.00 5967908.00 ZAR Million Apr 2026


South Africa Interest Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
7.00 6.75 23.99 3.50 1998 - 2026 percent Daily

News Stream
South Africa Lifts Key Policy Rate as Predicted
The South African Reserve Bank raised its key repo rate by 25 bps to 7% on May 28, 2026, as widely expected, marking its first rate hike since 2023. Four of the six members of the MPC backed the decision, while two voted to hold. The committee said inflation risks had increased due to the Middle East crisis and warned that overlapping shocks could trigger second-round effects, justifying a monetary policy response to contain risks and bring inflation back to target. South Africa’s inflation rate climbed to 4% in April from 3.1% in March, now sitting at the upper end of the central bank’s target range. Overall, Inflation forecasts were raised to 4.4% for 2026 (from 3.7%) and to 3.7% for 2027 (from 3.3%). Regarding economic activity, the central bank lowered its growth forecasts for 2026 to 1.2% (vs 1.4%) and for 2027 to 1.7% (vs 1.9%). The policy statement was again accompanied by three alternative scenarios, all pointing to some additional monetary policy tightening.
2026-05-28
South Africa Leaves Monetary Policy Untouched
The South African Reserve Bank unsurprisingly held its key repo rate at 6.75% on March 26, 2026, marking a second consecutive pause, citing upside risks to the inflation outlook due to the ongoing Middle East conflict.. Policymakers noted that inflation was moving in a positive direction, matching the 3% target in February, but higher energy prices are expected to push inflation higher in the near term. Headline inflation is projected to rise to around 4% in the second quarter, led by fuel inflation exceeding 18%, before gradually easing back to 3% by late next year under the baseline forecast. Overall, Inflation forecasts were raised to 3.7% for 2026 (from 3.3%) and to 3.3% for 2027 (from 3.2%). The central bank also revised its policy outlook, now projecting only one rate cut instead of two previously, while assessing two possible Iran conflict scenarios, a short-term two-month scenario and a prolonged one-year scenario, both implying the need for higher interest rates.
2026-03-26
South Africa Holds Key Rate at 6.75% as Forecast
The South African Reserve Bank kept its key repo rate unchanged at 6.75% on January 29, 2026, as widely expected, after a 25 bps rate cut in November. The decision was not unanimous, with two members favoring a 25-basis-point cut. Policymakers noted that, although the inflation outlook is improving, they aim for a further drop in inflation expectations and remain watchful of potential price pressures from electricity tariffs. Uncertainty in global politics also weighed. The SARB revised its inflation forecasts, lowering the 2026 estimate to 3.3% from 3.5%, while slightly raising the 2027 forecast to 3.2% from 3.1%. Governor Lesetja Kganyago said that inflation is expected to reach the new 3% target by 2028. The bank sees growth at an unchanged 1.4% this year and 1.9% next year. The SARB'S quarterly projection model continued to show gradual cuts, with the benchmark rate declining to 6.31% by end-2026 and 6.05% by the end of the next year.
2026-01-29