South Africa interest rate
South African Reserve Bank
- Policy rate
- 7.00%
- Sep 21, 2026
- Last move
- +0.25 pt
- May 2026
- Inflation
- 4.3%
- Jul 2026
- 10-year bond yield
- 8.75%
- Aug 2026
The policy rate set by the South African Reserve Bank is 7.00% as of Sep 21, 2026. Its most recent move: it raised its rate from 6.75% to 7.00% (May 2026). With consumer prices up 4.3% over the 12 months to Jul 2026, the real rate (policy rate minus inflation) is +2.7%: borrowing costs are above inflation.
Policy rate over the past two years
Sep 21, 2026: 7.00%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| May 2026 | Hike | 6.75% | 7.00% | +0.25 pt |
| Nov 2025 | Cut | 7.00% | 6.75% | −0.25 pt |
| Aug 2025 | Cut | 7.25% | 7.00% | −0.25 pt |
| May 2025 | Cut | 7.50% | 7.25% | −0.25 pt |
| Jan 2025 | Cut | 7.75% | 7.50% | −0.25 pt |
| Nov 2024 | Cut | 8.00% | 7.75% | −0.25 pt |
| Sep 2024 | Cut | 8.25% | 8.00% | −0.25 pt |
Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jul 2026: 4.3%
10-year government bond yield
Aug 2026: 8.75%
Other central banks in Africa
Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · South Africa economy dashboard