The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its March 2021 meeting to support the country's recovery, as widely expected. Policymakers said that both risks to the growth outlook are assessed to be balanced in the near and medium-term. Governor Kganyago stressed that the pace of a local economic recovery would depend on the pace of vaccination and the appearance of a likely third wave of infections. Meantime, the central bank raised its 2021 growth forecasts to 3.8% from an earlier 3.6% but maintained its projections of 2.4% and 2.5% for 2022 and 2023, respectively. Forecasts also point to 4.3% inflation in 2021 (vs prior 4%), 4.4% in 2022 (vs prior 4.5%) and 4.5% in 2023 (vs prior 4.6%). Looking forward, the SARB sees two interest rate hikes of 25bps each in Q2 and Q4 2021. source: South African Reserve Bank
Interest Rate in South Africa averaged 12.22 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 April 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. Looking forward, we estimate Interest Rate in South Africa to stand at 4.00 in 12 months time. In the long-term, the South Africa Interest Rate is projected to trend around 4.00 percent in 2022, according to our econometric models.