{
  "data": {
    "id": "south-african-reserve-bank-2026-09-23",
    "bank": "south-african-reserve-bank",
    "bankName": "South African Reserve Bank",
    "country": "ZA",
    "date": "2026-09-23",
    "announceAt": "2026-09-23T13:00:00Z",
    "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 2026/09/23 - 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": "2026-09-23",
      "rateBefore": 7,
      "rateAfter": 7.25,
      "direction": "raise",
      "statement": "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/september/september-statement.pdf",
      "observed": true
    },
    "page": "https://macroindex.org/bank/south-african-reserve-bank/decision/2026-09-23",
    "account": {
      "summary": "The SARB Monetary Policy Committee raised the policy rate by 25 basis points to 7.25%, effective from 25 September.",
      "vote": "unanimous",
      "reasons": [
        "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%.",
      "readFrom": [
        "https://www.resbank.co.za/content/dam/sarb/publications/statements/monetary-policy-statements/2026/september/september-statement.pdf"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:39:32.629Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}