The South African Reserve Bank unanimously voted to keep its benchmark repo rate unchanged at a record low of 3.5% during its July 2021 meeting, in line with expectations as the Covid-19 virus continues to weigh on global prospects and the recent unrest in parts of the country is likely to slow our ongoing recovery. Headline CPI forecast has been revised higher for 2021 to 4.3% (from 4.2%), lower to 4.2% in 2022 (from: 4.4%) and unchanged at 4.5% in 2023. The core inflation forecast for 2021. Also, GDP is expected to grow by 2.3% in 2022 and by 2.4% in 2023, unchanged since the May meeting. The risks to the medium-term domestic growth outlook are assessed to be balanced. The implied policy rate path of the Quarterly Projection Model (QPM) indicates an increase of 25 basis points in the fourth quarter of 2021 and in each quarter of 2022. source: South African Reserve Bank
Interest Rate in South Africa averaged 12.16 percent from 1998 until 2021, 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. This page provides - South Africa Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
Interest Rate in South Africa is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in South Africa to stand at 4.25 in 12 months time. In the long-term, the South Africa Interest Rate is projected to trend around 5.00 percent in 2022, according to our econometric models.