Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The debate around South African interest rates has now moved from whether the central bank will cut on Thursday to by how much.Of 21 economists in a Bloomberg survey, 11 predict a 50 basis-point reduction, while the balance expect the rate to be lowered by 25 basis points.
On 23 July, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) lowered the repurchase rate by 25 basis points to 3.50%, coming in line with market expectations and marking a new record low.
SARB interest rate: South Africa: 3.500 %: 07-23-2020: In order to be able to show the data on this page, we make use of a large number of sources of information that we believe to be reliable. Policymakers expect a 7% GDP contraction in 2020, even if lockdown restrictions ease in the next months. The South African Reserve Bank unanimously decided to axe its key repo rate by 100 bps to 5.25% during its March 2020 meeting, surprising markets who expected a smaller 50 bps cut, amid growing uncertainty over the impact of the coronavirus crisis on the already fragile economy.
Policymakers said that recovery after the coronavirus peaks is uncertain and forecast a 6.1% contraction in 2020 (previously -0.2%), 2.2% growth in 2021 (previously 1%) and 2.7% expansion in 2022 (previously 1.6%). On 23 July, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) lowered the repurchase rate by 25 basis points to 3.50%, coming in line with market expectations and marking a new record low. The Committee noted that the economic contraction and slow recovery will keep inflation below the midpoint of the target range. South African consumers are set to spend considerably less on loan repayments in the next 12 months if the South African Reserve Bank (SARB) cuts the prime interest rate in July, economists believe.
Bank deposits held for a fixed term in South Africa are called fixed deposits.
The decision was not unanimous as two of the five-member committee voted to hold the rate steady. Policymakers said that investment, exports and imports will likely fall sharply and job losses are projected to rise even if lockdown restrictions are relaxed further in the coming months.
The debate around South African interest rates has now moved from whether the central bank will cut on Thursday to by how much. The official interest rate is the repo rate. The data reached an all-time high of 17.000 % pa in May 2003 and a record low of 7.250 % pa in Jul 2020. South African Benchmark Overnight Rate (Sabor) Documentation for Market Participants; MMIS; Committed Liquidity Facility; Foreign Exchange; Data, auction, valuations and other information. Consumer prices rose 1.31% from the previous month in July, picking up from the 0.52% increase seen in June.
Consumer prices rose 1.31% from the previous month in July, picking up from the 0.52% increase seen in June. The decision was not unanimous as two of the five-member committee voted to hold the … SA TV and Film. And there is no risk to the inflation outlook from this suggested stimulus.”Since Kganyago was appointed governor in November 2014, the MPC has made a 50 basis-point move only once, and that was an increase.
The prescribed rate of interest has been changed with effect from 1 May 2020 to 8.75% per annum. The cut was the fifth in a row and brought total easing this year to 300 basis points.Focus Economics Consensus forecast projects the repurchase rate to end 2020 at 3.44% and 2021 at 3.82%.5 years of economic forecasts for more than 30 economic indicators.Get a sample report showing our regional, country and commodities data and analysis. Prime rate full listing - All current and historical prime rate as well as up to date economic indices
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