Repo rate remains unchanged at 7.5%

Reserve Bank Governor Lesetja Kganyago takes questions from the media after announcing the repo rate.

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The South African Reserve Bank has kept the repo rate unchanged at 7.5%. The prime lending rate remains at 11%.

Central bank governor Lesetja Kganyago says inflation has edged slightly higher and appears contained at 3.2%.

Delivering his Monetary Policy Committee decision on rates, Kganyago says growth for 2025 was 0.6% below expectations and slightly worse than in 2023.

“Against this backdrop, the MPC decided to keep the policy rate unchanged at 7.5%. Four members preferred this action, while two favoured a cut of 25 basis points. For several quarters, we have enjoyed rising confidence in South Africa with a smaller country risk premium and lower bond yields. However, the global economy is not on a stable footing and there are also domestic uncertainties which put these favourable trends at risk.”

The MPC decided to keep the policy rate unchanged, at 7.5%. #SARBMPCMAR25 pic.twitter.com/8tQlDZ9qTB

— SA Reserve Bank (@SAReserveBank) March 20, 2025