{
  "data": {
    "id": "south-african-reserve-bank-2026-07-23",
    "bank": "south-african-reserve-bank",
    "bankName": "South African Reserve Bank",
    "country": "ZA",
    "date": "2026-07-23",
    "announceAt": "2026-07-23T13:00:00Z",
    "timezone": "Africa/Johannesburg",
    "dateStatus": "published",
    "movedFrom": null,
    "rateBefore": 7,
    "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 2026/07/23 - 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": "2026-07-23",
      "rateBefore": 7,
      "rateAfter": 7,
      "direction": "hold",
      "statement": "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/july/july-statement.pdf",
      "observed": true
    },
    "page": "https://macroindex.org/bank/south-african-reserve-bank/decision/2026-07-23",
    "account": {
      "summary": "The SARB Monetary Policy Committee kept the policy rate unchanged at 7%.",
      "vote": "4–2",
      "dissent": "Two members favoured an increase of 25 basis points.",
      "reasons": [
        "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%.",
      "readFrom": [
        "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/july/july-statement.pdf"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T21:51:16.593Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}