| Effective from | Change | Repo rate | Prime |
|---|---|---|---|
| 24 September 2026 | +25 bps | 7.25% | 10.75% |
| 29 May 2026 | +25 bps | 7.00% | 10.50% |
| 30 January 2026 | No change | 6.75% | 10.25% |
| 20 November 2025 | -25 bps | 6.75% | 10.25% |
| 31 July 2025 | -25 bps | 7.00% | 10.50% |
| 29 May 2025 | -25 bps | 7.25% | 10.75% |
| 30 January 2025 | -25 bps | 7.50% | 11.00% |
| 21 November 2024 | -25 bps | 7.75% | 11.25% |
| 19 September 2024 | -25 bps | 8.00% | 11.50% |
| Period | Direction | Range |
|---|---|---|
| 2020, pandemic response | Cut sharply | 6.25% down to 3.50% |
| 2021 to 2023 | Raised through the inflation surge | 3.50% up to 8.25% |
| 2024 into 2025 | Cut as inflation eased | 8.25% down to 6.75% |
| 2026 | Raised again | 6.75% up to 7.25% |
| Year | Started at | Ended at | Direction |
|---|---|---|---|
| 2026 | 6.75% | 7.25% | Raised twice |
| 2025 | 7.75% | 6.75% | Cut four times |
| 2024 | 8.25% | 7.75% | Began cutting |
| 2023 | 7.00% | 8.25% | Raised to the cycle peak |
| 2022 | 3.75% | 7.00% | Raised sharply |
| 2021 | 3.50% | 3.75% | First increase |
| 2020 | 6.25% | 3.50% | Cut through the pandemic |
| Bond size | Instalment change | Over 20 years |
|---|---|---|
| R750,000 | about R125 a month | about R30,000 |
| R1,000,000 | about R170 a month | about R41,000 |
| R1,500,000 | about R250 a month | about R60,000 |
| R2,000,000 | about R335 a month | about R80,000 |
| Year | Repo at year end | Prime | Change over the year | What drove it |
|---|---|---|---|---|
| 2026 | 7.25% | 10.75% | +50 bps | Fuel shock from the Middle East conflict |
| 2025 | 6.75% | 10.25% | -100 bps | Disinflation allowed a full cutting cycle |
| 2024 | 7.75% | 11.25% | -50 bps | Cutting began in September |
| 2023 | 8.25% | 11.75% | +125 bps | Peak of the hiking cycle |
| 2022 | 7.00% | 10.50% | +325 bps | Global inflation surge |
| 2021 | 3.75% | 7.25% | +25 bps | First increase after the pandemic floor |
| 2020 | 3.50% | 7.00% | -275 bps | Emergency cuts through the pandemic |
| 2019 | 6.50% | 10.00% | -25 bps | Weak growth, contained inflation |
| 2018 | 6.75% | 10.25% | 0 | Held through a volatile rand year |
| 2017 | 6.75% | 10.25% | -50 bps | Inflation back inside the band |
| 2016 | 7.00% | 10.50% | +75 bps | Drought and rand weakness |
| 2015 | 6.25% | 9.75% | +50 bps | Start of the tightening cycle |
| 2014 | 5.75% | 9.25% | +75 bps | Rand under pressure |
| 2013 | 5.00% | 8.50% | 0 | Held through the taper tantrum |
| 2012 | 5.00% | 8.50% | -50 bps | Growth concerns |
| 2011 | 5.50% | 9.00% | 0 | Held |
| 2010 | 5.50% | 9.00% | -150 bps | Post-crisis easing continued |
| 2009 | 7.00% | 10.50% | -500 bps | Global financial crisis response |
| 2008 | 12.00% | 15.50% | +150 bps | Inflation peak before the crisis hit |
| 2007 | 11.00% | 14.50% | +200 bps | Credit boom and rising inflation |
| 2006 | 9.00% | 12.50% | +200 bps | Tightening began |
| 2005 | 7.00% | 10.50% | -50 bps | Low inflation |
| 2004 | 7.50% | 11.00% | -50 bps | Strong rand, easing |
| 2003 | 8.00% | 11.50% | -550 bps | Sharp easing as inflation collapsed |
| 2002 | 13.50% | 17.00% | +400 bps | Rand crisis of late 2001 |
| 2001 | 9.50% | 13.00% | -150 bps | Before the currency collapse |
| 2000 | 12.00% | 14.50% | -175 bps | Inflation targeting introduced |
| Year | Repo | Prime | Headline CPI | Real repo rate |
|---|---|---|---|---|
| 2026 | 7.25% | 10.75% | 4.2% | 3.05% |
| 2025 | 6.75% | 10.25% | 3.2% | 3.55% |
| 2024 | 7.75% | 11.25% | 4.4% | 3.35% |
| 2023 | 8.25% | 11.75% | 5.9% | 2.35% |
| 2022 | 7.00% | 10.50% | 6.9% | 0.10% |
| 2021 | 3.75% | 7.25% | 4.5% | -0.75% |
| 2020 | 3.50% | 7.00% | 3.3% | 0.20% |
Data maintained by TradeAnswers · updated as the figures change