🇿🇦

South African Reserve Bank

ZAR · Official Website

Latest Statement

🕊️ Dovish

SARB MPC Statement - November 2025

2025-11-20

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for November 2025 emphasizes the need to maintain a cautious approach to monetary policy in light of ongoing economic uncertainties. The committee highlights its commitment to achieving price stability while supporting economic growth.

The MPC has decided to keep the policy interest rate unchanged to balance inflation control and economic support.
Inflation expectations remain elevated, necessitating close monitoring of price movements.
The committee acknowledges the impact of global economic conditions on domestic growth prospects.

⚡ Rate

↑0 ↓1 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"Against this backdrop, the MPC decided to reduce the policy rate by 25 basis points, to 6.75%, with effect from 21 November."

Economic Indicators

Policy Rate	7.00%
USD/ZAR	17.01
GDP Growth	0.7%
M2 Growth	9.3%
10Y Yield	8.70%
2y10y Spread	+0.55%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Key Commodities

Top traded commodities for South Africa

Commodity	Price	1D	30D
Gold	5,059.30 USD/oz	+1.7%	+13.7%
Iron Ore	103.79 USD/mt	-7.0%	-24.5%

Recent Statements

SARB MPC Statement - September 2025 🦅 Hawkish

2025-09-18

⚡ Rate

↑0 ↓0 →1

🔮 Guidance

↑1 ↓0

📝 Classified Sentences

🔮 Guidance Hawkishmp_economic_activity

"We have therefore marked up our growth forecast for the year, from 0.9% to 1.2%."

⚡ Rate Holdmp_interest_rate

"The MPC decided to keep the policy rate unchanged, at 7%."

SARB MPC Statement - July 2025 🕊️ Dovish

2025-07-17

⚡ Rate

↑0 ↓2 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"Against this backdrop, the MPC decided to reduce the policy rate by 25 basis points, to 7%, with effect from the 1st of August."

⚡ Rate Cutmp_interest_rate

"The MPC has lowered the repurchase rate to 7%."

SARB MPC Statement - May 2025 🕊️ Dovish

2025-05-22

⚡ Rate

↑0 ↓1 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"Against this backdrop, the MPC decided to reduce the policy rate by 25 basis points, with effect from 30 May."

SARB MPC Statement - March 2025 🦅 Hawkish

2025-03-27

⚡ Rate

↑0 ↓0 →2

🗣 Dissent

↑1 ↓0

📝 Classified Sentences

🗣 Dissent Hawkishmp_interest_rate

"Four members preferred this action, while two favoured a cut of 25 basis points."

⚡ Rate Holdmp_economic_activity

"We have now revised down our 2025 growth forecast slightly, to 1.7%, while leaving the outer years unchanged."

⚡ Rate Holdmp_interest_rate

"Against this backdrop, the MPC decided to keep the policy rate unchanged, at 7.5%."

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