Banks › South African Reserve Bank › History › 28 May 2026
South African Reserve Bank: decision of 28 May 2026
The SARB Monetary Policy Committee raised the policy rate by 25 basis points to 7%, effective from 29 May.
Decision
raise
- Rate
- 6.75%↑7.00%
- Change
- +25 bp
- Vote
- 4–2
- Announced
- 15:00 Johannesburg time
Sources
- Statement
- resbank.co.za/content/dam/sarb/publications…
- Recorded
- 28 May 2026
- Data
- JSON
What the bank said
The Committee said consumer inflation rose to 4% in April from 3.1%, mainly on energy costs, with fuel prices up 11.4% and services inflation at 4.6%.
It forecast headline inflation averaging 4.4% in 2026 and 3.7% in 2027 before returning to the 3% target in 2028.
The Committee agreed that inflation risks had intensified and that large, overlapping shocks would likely trigger second-round effects requiring a monetary policy response.
Guidance. The Committee said its Quarterly Projection Model shows one hike this quarter and then easing towards neutral as inflation falls, with decisions taken meeting by meeting.
Dissent
Two members favoured no change.
Before and after
- Previous decision: 26 Mar 2026, held the SARB Policy Rate (SPR) at 6.75%.
- Next decision: 23 Jul 2026, held the SARB Policy Rate (SPR) at 7.00%.
- All South African Reserve Bank decisions and the rate history