Banks › South African Reserve Bank › History › 23 Sept 2026
South African Reserve Bank: decision of 23 September 2026
The SARB Monetary Policy Committee raised the policy rate by 25 basis points to 7.25%, effective from 25 September.
Decision
raise
- Rate
- 7.00%↑7.25%
- Change
- +25 bp
- Vote
- unanimous
- Announced
- 15:00 Johannesburg time
Sources
- Statement
- resbank.co.za/content/dam/sarb/publications…
- Recorded
- 23 Sept 2026
- Data
- JSON
What the bank said
The Committee said escalation in the Middle East, disrupted Saudi oil exports and the Russia-Ukraine war amounted to a large, persistent global supply shock, and that the fuel-price shock had intensified.
It expected headline inflation above 5% later in 2026 and early 2027, with services inflation elevated and longer-run expectations around 4% rather than the 3% target.
The Committee said it was adopting a more restrictive policy to keep the price shocks from triggering second-round effects, while noting the economy contracted by 0.2% in the second quarter.
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%.
Before and after
- Previous decision: 23 Jul 2026, held the SARB Policy Rate (SPR) at 7.00%.
- Next scheduled meeting: (calendar).
- All South African Reserve Bank decisions and the rate history