{
  "data": {
    "id": "south-african-reserve-bank-2026-05-28",
    "bank": "south-african-reserve-bank",
    "bankName": "South African Reserve Bank",
    "country": "ZA",
    "date": "2026-05-28",
    "announceAt": "2026-05-28T13:00:00Z",
    "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 2026/05/28 - 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": "2026-05-28",
      "rateBefore": 6.75,
      "rateAfter": 7,
      "direction": "raise",
      "statement": "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/may/may-statement.pdf",
      "observed": true
    },
    "page": "https://macroindex.org/bank/south-african-reserve-bank/decision/2026-05-28",
    "account": {
      "summary": "The SARB Monetary Policy Committee raised the policy rate by 25 basis points to 7%, effective from 29 May.",
      "vote": "4–2",
      "dissent": "Two members favoured no change.",
      "reasons": [
        "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.",
      "readFrom": [
        "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/may/may-statement.pdf"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:39:11.440Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}