{
  "data": {
    "id": "south-african-reserve-bank-2026-01-29",
    "bank": "south-african-reserve-bank",
    "bankName": "South African Reserve Bank",
    "country": "ZA",
    "date": "2026-01-29",
    "announceAt": "2026-01-29T13:00:00Z",
    "timezone": "Africa/Johannesburg",
    "dateStatus": "published",
    "movedFrom": null,
    "rateBefore": 6.75,
    "step": 0.25,
    "calendarSource": "https://www.resbank.co.za/en/home/what-we-do/monetary-policy/MPC-announcement-webcasts",
    "citation": "Listed on SARB's MPC announcement webcasts page as 2026/01/29 - 15:00; the statement PDF is dated the same day. SARB's MPC announcement webcasts page lists each announcement at 15:00 (SAST, UTC+2, no DST) = 13:00Z; the statement is read at the press conference.",
    "settleSource": {
      "role": "decision-statement",
      "pattern": "Detail page https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/<YYYY>/<month> links a PDF under https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/<YYYY>/<month>/<irregular file name>.pdf",
      "foundAt": "https://www.resbank.co.za/en/home/publications/statements/mpc-statements",
      "example": "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/september/september-statement.pdf",
      "resolvable": false,
      "reads": {
        "right": 0,
        "wrong": 0,
        "void": 0
      }
    },
    "observed": {
      "at": "2026-01-29",
      "rateBefore": 6.75,
      "rateAfter": 6.75,
      "direction": "hold",
      "statement": "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/january/jan-statement.pdf",
      "observed": true
    },
    "page": "https://macroindex.org/bank/south-african-reserve-bank/decision/2026-01-29",
    "account": {
      "summary": "The South African Reserve Bank's Monetary Policy Committee kept the policy rate unchanged at 6.75%.",
      "vote": "4–2",
      "dissent": "Two members favoured a cut of 25 basis points.",
      "reasons": [
        "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.",
      "readFrom": [
        "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/january/jan-statement.pdf"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:39:01.429Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}