South Africa policy interest rate
The South African Reserve Bank's repurchase rate — the rate at which the SARB lends to commercial banks against eligible collateral, and the anchor for the prime lending rate (repo + 3.50pp). Set by the six-member Monetary Policy Committee under the SARB's constitutional mandate (s224 of the Constitution) and the South African Reserve Bank Act 90 of 1989; the MPC meets six times a year (January, March, May, July, September, November) and the new rate takes effect the day after the announcement.
| Current value | 7 percent |
|---|---|
| In force from | 2026-05-29 |
| Official source | SARB — Statement of the Monetary Policy Committee, 23 July 2026, delivered by Governor Lesetja Kganyago: 'Against this backdrop, the committee decided to keep the policy rate unchanged, at 7%.' (four members preferred the hold, two preferred a 25bp increase). Level itself set by the May 2026 MPC statement, effective 29 May 2026 |
| Last verified | 2026-07-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
CORRECTION TO THE COMMISSIONING BRIEF: the brief said SARB 'has been in an easing cycle'. That was true through November 2025 but is NO LONGER the direction of travel — the MPC HIKED 25bp on 28 May 2026, the first increase since May 2023, ending a cutting cycle that had run from September 2024. May 2026 statement, verbatim: 'Against this backdrop, the committee decided to increase the policy rate by 25 basis points, to 7%, effective from 29 May.' Vote 4-2 (two preferred unchanged). The July 2026 MPC (23 July 2026) then held at 7.00% on a 4-2 vote, with the two dissenters wanting a FURTHER 25bp hike — so the risk is still skewed upward, not downward. The hold came one day after Stats SA printed June CPI at 5.0% (up from 4.5%); the MPC said 'the inflation outlook has improved slightly since our last meeting, but inflation is still too high' and described the stance as somewhat restrictive and appropriate. Drivers cited: escalating Middle East conflict disrupting supply chains, higher oil/fuel prices, and second-round-effect risk. Effective date convention: SARB rates take effect the day AFTER the announcement (announced 28 May, effective 29 May), so effective_from is 29 May 2026 and the value has been unchanged at that level since. INFLATION TARGET CHANGED — this affects interpretation of the rate, not the rate itself: on 12 November 2025 the Minister of Finance and the SARB Governor jointly announced a new target of 3% with a ±1 percentage point tolerance band, replacing the 3-6% range (midpoint 4.5%) that had stood for 25 years; the joint National Treasury/SARB statement says it 'immediately replaces the previous target range of between 3 and 6%, and will be implemented over the next two years' (https://www.gov.za/news/media-statements/treasury-and-south-african-reserve-bank-announce-new-inflation-target-south). Against a 3% target, June's 5.0% print is far more restrictive-looking than it would have been against the old 4.5% midpoint — that reframing is why a 5.0% CPI now sits alongside a hiking bias. Do not confuse the repo rate with the PRIME rate (currently 10.50% = repo + 3.50pp, set by commercial banks, not the SARB) or with the SARB's standing facility rates. Next MPC announcement: 23 September 2026.
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-02 | 6.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-03-29 | 6.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2018-11-23 | 6.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2019-07-19 | 6.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-01-17 | 6.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-03-20 | 5.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-04-15 | 4.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-05-22 | 3.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2020-07-24 | 3.5 | Bank for International Settlements - Central Bank Policy Rat |
| 2021-11-19 | 3.75 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-01-28 | 4 | Bank for International Settlements - Central Bank Policy Rat |
| 2022-03-25 | 4.25 | Bank for International Settlements - Central Bank Policy Rat |
Get it programmatically
curl https://afriref.dev/v1/za/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://afriref.dev/v1/za/policy-rate/history?from=2020-01-01
# Provenance: curl https://afriref.dev/provenance/za/policy-rateOther South Africa series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates · official exchange rates · statutory interest rate · VAT registration threshold · withholding tax rates