What is the central bank rate in South Africa? (2024)

What is the central bank rate in South Africa?

The decision to maintain the repo rate at 8.25% (ZAREPO=ECI) , opens new tab was unanimous and in line with forecasts of analysts polled by Reuters.

What is the current South African interest rate?

The current prime lending rate is 11.75%, based on a repo rate of 8.25% as determined by the South African Reserve Bank. Use our Bond Calculator to determine how this will affect the cost of your home loan.

Which bank in South Africa has the highest interest rate?

Will interest rates go down in 2024 South Africa?

A net 67% now expect the first repo rate cut in Q3 2024, with the remaining 33% expecting a cut in Q2 2024. In January, the figures were inversed, with a net 67% expecting the first rate cut in Q2 2024.

What is the highest interest rate in South Africa history?

The benchmark interest rate in South Africa was last recorded at 8.25 percent. Interest Rate in South Africa averaged 11.86 percent from 1998 until 2024, 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.

What is current inflation rate in South Africa?

What was the highest prime interest rate in South Africa?

Bank Lending Rate in South Africa remained unchanged at 11.75 percent in March. Bank Lending Rate in South Africa averaged 12.03 percent from 1957 until 2024, reaching an all time high of 25.50 percent in August of 1998 and a record low of 5.50 percent in December of 1962. source: South African Reserve Bank.

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Why is South Africa's economy not growing?

South Africa's economy is expected to grow at some 1.6% over the next three years, with real Gross Domestic Product (GDP) reaching 0.6% in 2023. “Despite the improved global outlook for 2024, South Africa's near-term growth remains hamstrung by lower commodity prices and structural constraints.

What is the prime rate in South Africa 2024?

As of February 2024, The prime lending rate remains at its May 2023 level of 11.75%.

What is the economic outlook for South Africa in 2024?

Real GDP growth is forecast at 1% in 2024 and, on average, only 1.4% between 2024 and 2026. This does not compare well with the International Monetary Fund's 4% projection for emerging and developing economies, and even falls below the outlook for advanced economies of 1.7%.

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What causes high interest rates in South Africa?

South Africa's inflation is well above that of its main trading partners which are often more developed with more diversified sources of tax revenues and savings, this leads to South African's interest rates being more higher than that of their main trading partners.

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Is South Africa's inflation rate good?

Consumer price inflation in South Africa averaged 5.2% in the ten years to 2022, below the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 6.9%.

What is the price stability in South Africa?

The price stability mandate is aligned to an inflation target band of 3% to 6% for consumer inflation. The achievement of this target is underpinned by the stability of the financial system and financial markets. For this reason, the SARB also has a mandate to actively promote financial stability.

Is inflation going down in South Africa?

Headline inflation fell to 5.3% year on year from 5.6% in February (ZACPIY=ECI) , opens new tab, data from the statistics agency showed on Wednesday, compared to 5.4% predicted by analysts polled by Reuters.

Did South Africa increase interest rates?

PRETORIA, May 25 (Reuters) - South Africa's central bank raised its main interest rate (ZAREPO=ECI) , opens new tab on Thursday to a 14-year high, a move Governor Lesetja Kganyago described as "bitter medicine" needed to tame inflation.

Are interest rates high in South Africa?

Currently, the repo rate is at a 14-year high of 8.25% and the prime lending rate is at 11.75%. The MPC has maintained that it will continue to keep rates high until inflation becomes sustainable and decreases to the midpoint of its target range of 4.5%.

Where are the highest interest rates in the world?

Mozambique ranks among the countries with the highest interest rates, with an interest rate of 17.25%, as of December 2023. As per the Central Bank of Mozambique's meeting in November 2023, Mozambique kept its MIMO interest rate unchanged at 17.25%.

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