South African Interest Rates
Current SA Interest Rates
Updated after each SARB Monetary Policy Committee announcement
Repo Rate
7%
Set by SARB MPC
Prime Rate
10.5%
Repo + 3.5%
Next MPC meeting: 23 July 2026(18 days)
Rates updated manually after each SARB MPC announcement
What a rate change means for your bond
Current rate: prime 10.5% · New rate: 10.25%
Monthly
−R 251
per month
Annual
−R 3 013
per year
Over term
−R 60 251
total saved
Based on R 1 500 000 bond at prime 10.5% over 20 years. Monthly repayment at current rate: R 14 976/month.
MPC Decision History
Prime rate — last 8 MPC decisions
| Date | Decision | Repo Rate | Prime Rate | Change |
|---|---|---|---|---|
| 28 May 2026 | ▲ HIKE | 7% | 10.5% | ▲ 0.25% |
| 26 Mar 2026 | HOLD | 6.75% | 10.25% | — |
| 29 Jan 2026 | HOLD | 6.75% | 10.25% | — |
| 21 Nov 2025 | ▼ CUT | 6.75% | 10.25% | ▼ 0.25% |
| 18 Sep 2025 | ▼ CUT | 7% | 10.5% | ▼ 0.25% |
| 17 Jul 2025 | HOLD | 7.25% | 10.75% | — |
| 22 May 2025 | HOLD | 7.25% | 10.75% | — |
| 20 Mar 2025 | ▼ CUT | 7.25% | 10.75% | ▼ 0.25% |
| 30 Jan 2025 | HOLD | 7.5% | 11% | — |
2026 MPC Meeting Dates
How SA interest rates work
The repo rate is the rate at which the South African Reserve Bank (SARB) lends overnight funds to commercial banks. It is set by the Monetary Policy Committee (MPC), which meets six times per year and is mandated to keep CPI inflation between 3% and 6%. When inflation runs hot, the MPC hikes the repo rate to cool borrowing and spending. When the economy needs stimulus, it cuts. Each decision takes effect immediately.
The prime rateis always repo + 3.5% — this relationship is fixed by South African banking convention. Most variable-rate home loans are priced as "prime plus" a margin (e.g. prime + 0.5%). Car finance is typically prime + 1.5% to 3%. When the MPC moves the repo rate by 0.25%, your monthly bond repayment changes within days. On a R1.5M bond over 20 years, a single 0.25% cut saves approximately R250/month — or R60,000 over the remaining term.
Full guide: Prime Rate South Africa 2026 →Run the numbers