Banks › South African Reserve Bank › History › 29 Jan 2026
South African Reserve Bank: decision of 29 January 2026
The South African Reserve Bank's Monetary Policy Committee kept the policy rate unchanged at 6.75%.
Decision
hold
- Rate
- 6.75%=6.75%
- Change
- 0 bp
- Vote
- 4–2
- Announced
- 15:00 Johannesburg time
Sources
- Statement
- resbank.co.za/content/dam/sarb/publications…
- Recorded
- 29 Jan 2026
- Data
- JSON
What the bank said
The Committee said inflation averaged 3.2% in 2025 and reached 3.6% in December, which it expected to be the peak, and that a stronger rand and a lower oil price assumption had lowered its near-term forecast.
It said longer-term inflation expectations had fallen to record lows, but services inflation was still above 4%, and it assessed the risks to the inflation outlook as balanced.
The Committee flagged meat prices affected by foot-and-mouth disease and a possible larger electricity price correction as concerns.
Guidance. The Committee said its Quarterly Projection Model continued to show gradual rate cuts as inflation subsides, with decisions taken meeting by meeting.
Dissent
Two members favoured a cut of 25 basis points.
Before and after
- Previous decision: 20 Nov 2025, cut the SARB Policy Rate (SPR) by 25 bp to 6.75%.
- Next decision: 26 Mar 2026, held the SARB Policy Rate (SPR) at 6.75%.
- All South African Reserve Bank decisions and the rate history