Banks › South African Reserve Bank › History › 26 Mar 2026
South African Reserve Bank: decision of 26 March 2026
The SARB Monetary Policy Committee kept the policy rate unchanged at 6.75%.
Decision
hold
- Rate
- 6.75%=6.75%
- Change
- 0 bp
- Vote
- unanimous
- Announced
- 15:00 Johannesburg time
Sources
- Statement
- resbank.co.za/content/dam/sarb/publications…
- Recorded
- 26 Mar 2026
- Data
- JSON
What the bank said
The Committee said the Middle East conflict had pushed oil, gas and fertiliser prices sharply higher, and expected headline inflation to rise from 3.0% in February to around 4%, with fuel inflation over 18% in the second quarter.
It said the standard response to a supply shock is to look through first-round effects while watching for second-round effects, and that the coming months would be crucial for judging them.
The Committee saw inflation risks to the upside and downside risks to growth.
Guidance. The Committee said its model now shows rates unchanged for longer, postponing the cuts in its January projection, and that it stands ready to act as needed.
Before and after
- Previous decision: 29 Jan 2026, held the SARB Policy Rate (SPR) at 6.75%.
- Next decision: 28 May 2026, raised the SARB Policy Rate (SPR) by 25 bp to 7.00%.
- All South African Reserve Bank decisions and the rate history