South Africa: Policy rate
* indicates monthly or quarterly data series
The most recent value is 7 percent as of July 2026, no change compared to the previous value of 7 percent. Historically, the average for South Africa from December 1980 to July 2026 is 10.52 percent. The minimum of 3.5 percent was recorded in July 2020, while the maximum of 21.86 percent was reached in September 1998.
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* indicates monthly or quarterly data series
- Measure: percent
- Definition: The interest rate which best captures the monetary authorities' policy intentions. Different countries have different policy interest rates. The most common are the overnight lending rate, discount rate and repurchase rate (of different maturities). In the USA the policy rate is the federal funds rate. The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The federal funds rate is essentially determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target. In the Euro area the policy rate is the main refinancing operations rate. The main refinancing operations (MRO) rate is the interest rate banks pay when they borrow money from the ECB for one week. When they do this, they have to provide collateral to guarantee that the money will be paid back. The policy interest rates determine the levels of the rest of the interest rates in the economy, since it is the price at which private agents (mostly private banks) obtain money from the central bank.
- Source: Bank for International Settlements (BIS)
| Recent values | South Africa: Policy rate, percent |
|---|---|
| 2026 Jul | 7 |
| 2026 Jun | 7 |
| 2026 May | 7 |
| 2026 Apr | 6.75 |
| 2026 Mar | 6.75 |
| 2026 Feb | 6.75 |
| 2026 Jan | 6.75 |
| 2025 Dec | 6.75 |
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Inflation | 3.2 | 2025 | percent |
| Exchange rate regimes | 7 | 2023 | index points |
| USD exchange rate | 16.1825 | 8/2026 | Local Currency Units per USD |
| Money supply (broad money) | 4,889.29 | 6/2026 | billion |
| Consumer Price Index (CPI) | 219.2759 | 6/2026 | index points |
| Inflation, monthly | 0.75 | 6/2026 | percent |
| Inflation, annual | 4.98 | 6/2026 | percent |
| Alcohol and tobacco inflation | 3.56 | 6/2026 | percent |
| Transport services inflation | 12.50 | 6/2026 | percent |
| Information and communication inflation | 1.57 | 6/2026 | percent |
| Restaurant and accommodation services inflation | 5.08 | 6/2026 | percent |
| Health care inflation | 3.64 | 6/2026 | percent |
| Education services inflation | 5.36 | 6/2026 | percent |
| Clothing and footwear inflation | 1.19 | 6/2026 | percent |
| Housing inflation | 4.13 | 6/2026 | percent |
| Private sector credit | 2,626.80 | 6/2026 | billion |
| Business credit | 2,626.80 | 6/2026 | billion |
| Household credit | 2,332.03 | 6/2026 | billion |
| Deposit interest rate | 8.12 | 12/2025 | percent |
| Mortgage credit interest rate | 11.25 | 11/2024 | percent |
| Policy rate | 7.00 | 7/2026 | percent |
| Household debt to GDP | 33.50 | 12/2025 | percent |
| Debt service ratios for private non-financial sector | 8.30 | Q4/2025 | percent |