The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its September 2021 meeting, as expected. The decision comes despite ongoing uncertainty around the Covid-19 pandemic and is aimed at continue supporting South Africa's fragile economic recovery against the backdrop of a relatively contained inflation outlook. Policymakers said that the overall risks to the medium-term growth outlook are assessed to be balanced, while the risks to the short-term inflation outlook are assessed to the upside. Headline CPI forecast has been revised slightly higher to 4.4% in 2021 (from 4.3% in July), but remains unchanged at 4.2% in 2022 and 4.5% in 2023. Meanwhile, the GDP growth projections were raised to 5.3% in 2021 (from 4.2%), despite the much larger negative effect on output than was previously estimated from the July unrest. The economy is seen growing 1.7% in 2022 (from 2.3%) and 1.8% in 2023 (from 2.4%). source: South African Reserve Bank
Interest Rate in South Africa averaged 12.13 percent from 1998 until 2021, 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 September of 2021.
Interest Rate in South Africa is expected to be 3.50 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 5.00 percent in 2022 and 6.00 percent in 2023, according to our econometric models.