The South African Reserve Bank raised its benchmark repo rate by more than expected 75 bps to 5.5% at its July 21st, 2022 meeting to contain the surging domestic inflation, while signaling further aggressive monetary tightening ahead.This is the fifth consecutive rate-hike since November last year, delivering the biggest increase in borrowing costs in almost two decades.The risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 6.5% in 2022 (vs 5.9% projected earlier), 5.7% in 2023 (vs 5%) and 4.7% in 2024 (vs 4.7%). Meanwhile, the GDP growth projections were raised to 2% in 2022 (vs 1.7%) whereas cut to 1.3% in 2023 (vs 1.9%) and 1.5% in 2024 (vs 1.9%). Policymakers noted that despite these downward revisions, economic growth remains above a low rate of potential. source: South African Reserve Bank

Interest Rate in South Africa averaged 12.03 percent from 1998 until 2022, 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 August of 2022.

Interest Rate in South Africa is expected to be 6.00 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 7.25 percent in 2023 and 8.25 percent in 2024, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
width
height
 Preview
South Africa Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-24 01:00 PM 4.25% 4% 4.25% 4.25%
2022-05-19 01:00 PM 4.75% 4.25% 4.75% 4.75%
2022-07-21 01:00 PM 5.5% 4.75% 5.25% 5.25%
2022-09-22 01:00 PM 5.5% 6%
2022-11-24 01:00 PM


Related Last Previous Unit Reference
Interest Rate 5.50 4.75 percent Jul 2022
Interbank Rate 5.73 5.73 percent Aug 2022
Money Supply M0 309638.00 310893.00 ZAR Million Jul 2022
Money Supply M1 2338725.00 2378735.00 ZAR Million Jun 2022
Money Supply M2 3622048.00 3682997.00 ZAR Million Jun 2022
Money Supply M3 4473025.00 4466116.00 ZAR Million Jun 2022
Foreign Exchange Reserves 59510.00 58923.00 USD Million Jul 2022
Banks Balance Sheet 7062645.00 6908931.00 ZAR Million Jun 2022
Loans to Private Sector 4280156.00 4219158.00 ZAR Million Jun 2022
Lending Rate 9.00 8.25 percent Jul 2022
Central Bank Balance Sheet 1056519.00 1060342.00 ZAR Million Jul 2022

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
5.50 4.75 23.99 3.50 1998 - 2022 percent Daily

News Stream
South Africa Unexpectedly Lifts Key Rate to 5.5%
The South African Reserve Bank raised its benchmark repo rate by more than expected 75 bps to 5.5% at its July 21st, 2022 meeting to contain the surging domestic inflation, while signaling further aggressive monetary tightening ahead.This is the fifth consecutive rate-hike since November last year, delivering the biggest increase in borrowing costs in almost two decades.The risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 6.5% in 2022 (vs 5.9% projected earlier), 5.7% in 2023 (vs 5%) and 4.7% in 2024 (vs 4.7%). Meanwhile, the GDP growth projections were raised to 2% in 2022 (vs 1.7%) whereas cut to 1.3% in 2023 (vs 1.9%) and 1.5% in 2024 (vs 1.9%). Policymakers noted that despite these downward revisions, economic growth remains above a low rate of potential.
2022-07-21
South Africa Hikes Key Interest Rate to 4.75%
The South African Reserve Bank raised its benchmark repo rate by 50 bps to 4.75% at its May 2022 meeting, as widely expected. This is the 4th consecutive hike and the biggest in over six years due to heightened inflation risks stemming from geopolitical tensions. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised higher to 5.9% in 2022 (vs 5.8% in March), 5% in 2023 (vs 4.6%) and 4.7% in 2024 (vs 4.6%). Meanwhile, the GDP growth projections were cut to 1.7% in 2022 from an earlier estimate of 2%, mainly due to a combination of short-term factors including flooding in the key KwaZulu-Natal province and the resumption of rolling power blackouts. However, the GDP growth forecasts were kept unchanged at 1.9% for 2023. The implied policy rate path of the central bank model indicates gradual normalisation through 2024.
2022-05-19
South Africa Lifts Key Interest Rate to 4.25%
The South African Reserve Bank raised its benchmark repo rate by another 25 bps to 4.25% at its March 2022 meeting, as widely expected. This is the third consecutive hike due to increased inflation risks stemming from the war in Ukraine. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the inflation outlook are assessed to the upside. Headline CPI forecast has been revised sharply higher to 5.8% in 2022 (vs 4.9% in January), primarily due to the higher food and fuel prices; and to 4.6% in 2023 (vs 4.5%). Meanwhile, the GDP growth projections were raised to 2% in 2022 from an earlier estimate of 1.7% and to 1.9% in 2023 (vs 1.8% in January). The implied policy rate path of the central bank model, given the inflation forecast, indicates gradual normalisation through to 2024.
2022-03-24