South African Reserve Bank

South African Reserve Bank Repo Rate Left Unchanged as Expected at 6.75%

March 28, 2019

Despite a 6+% decline since the prior policy review in January, South Africa’s Monetary Policy Committee decided unanimously to keep the repo rate unchanged at 6.75% after its second scheduled review of 2019. The rate had been raised by 25 basis points at the final 2018 policy meeting four months ago but kept steady after […] More

Central Bank Rates in Turkey, Indonesia and South Africa Left Unchanged

January 17, 2019

The weaker global inflationary outlook has reduced lessened the risk of imported inflation and capital outflows that might caused by tighter monetary policy in the United States and other industrialized economies. The last central bank interest rate changes in Turkey, Indonesia, and South Africa had been upward, but officials at all of them held policy […] More

South African Reserve Bank

July 19, 2018

While many central banks in emerging economies have been tilting policy in a more restrictive direction, the last two South African interest rate changes were cuts. Reduction of 25 basis points each last March and in July 2017 had followed a period from June 2014 to March 2016 when six increases had raised the SARB […] More

South African Reserve Bank Cuts Interest Rate for First time in Eight Months

March 28, 2018

By a narrow 4-3 vote, the Monetary Policy Committee cut South Africa’s repo rate by 25 basis points to 6.5%. The first move of this easing was made in July 2017, and today’s reduction was the second. A released statement observes reduced in-target price movement and diminished inflation risks since the previous meeting in January, […] More

South African Reserve Bank Repo Rate Held at 6.75%

September 21, 2017

A 25-basis point cut in the SARB policy interest rate to 6.75% in July was a response to a then-perceived improved inflation outlook and it was the first reduction in many years. The rate had been hiked six times from January 2014 to March 2016 and by 200 basis points in all to 7.0%. At […] More

South African Reserve Bank Repo Rate Cut

July 20, 2017

South Africa’s central bank interest rate was cut for the first time in several years, and the decision drew dissents favoring no change by two of the Monetary Policy Committee’s six members. South African GDP unexpectedly contracted in the first quarter in a broad-based way. The growth outlook has worsened. Excess product supplies will consequently […] More

South African Reserve Bank Retains 7.0% Repo Rate

May 25, 2017

SARB’s repo rate had been raised in six steps to 7% from 5% between January 2014 and March 2016. The latest 5-1 voting decision not to change the 7% level has one dissenter, who as at the prior meeting favored cutting the rate to 6.75%. Although latest inflation readings were unexpectedly low, upside risks namely […] More

South African Reserve Bank Repo Rate Held at 7%

March 30, 2017

A statement released after the year’s second monetary policy review speaks of an improved inflation outlook over the past couple of months. GDP, which grew 0.3% last year, is projected to expand 1.2% this year (just shy of the estimated potential GDP trend of 1.4%), followed by 1.7% in 2018 and 2.0% in 2019. The […] More

South African Reserve Bank Meeting

January 24, 2017

The repo rate was left unchanged at 7.0% by unanimous vote and as expected. Such had previously raised in six moves from January 2014 through March 2016 from a base of 5.0%. A statement released after the latest meeting is guarded in tone, nonetheless. Projected inflation in the short term has been revised somewhat higher […] More

South African Monetary Policy Stays on Hold

September 22, 2016

Officials at the South African Reserve Bank did not change their 7.0% policy interest rate at the latest review. Such has been at 7.0% since the last of six increases made in March of this year. That move culminated a tightening of policy from a 5.0% rate at the end of 2013. An improved inflation […] More

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