Banks › South African Reserve Bank › History › 23 Jul 2026
South African Reserve Bank: decision of 23 July 2026
The SARB Monetary Policy Committee kept the policy rate unchanged at 7%.
Decision
hold
- Rate
- 7.00%=7.00%
- Change
- 0 bp
- Vote
- 4–2
- Announced
- 15:00 Johannesburg time
Sources
- Statement
- resbank.co.za/content/dam/sarb/publications…
- Recorded
- 23 Jul 2026
- Data
- JSON
What the bank said
The Committee said inflation was well above target mainly because of fuel costs and expected headline inflation to stay above 4% until early 2027.
It said services inflation looked problematic and that the Bureau for Economic Research survey showed inflation expectations had risen.
The Committee agreed the outlook was uncertain and that, after the May increase, the somewhat restrictive stance was appropriate for now.
Guidance. The Committee said its Quarterly Projection Model shows the policy rate broadly stable for the rest of the year and cuts later as inflation falls to 3%.
Dissent
Two members favoured an increase of 25 basis points.
Before and after
- Previous decision: 28 May 2026, raised the SARB Policy Rate (SPR) by 25 bp to 7.00%.
- Next decision: 23 Sept 2026, raised the SARB Policy Rate (SPR) by 25 bp to 7.25%.
- All South African Reserve Bank decisions and the rate history