South Africa SARB Repo Interest Rate (South Africa) - Historical Data
Historical time series of the South Africa SARB Repo Interest Rate set by the South African Reserve Bank (SARB) from 1980 to 2026. Official repo rate. The latest benchmark reading is 7.25% (Sep 2026), corresponding to an ex-post real policy rate of +2.99% after adjusting for South Africa headline CPI inflation (4.26%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
7.25%
Prev (Aug 2026): 7.00%+0.25 pp
Highest Recorded (Sep 1998)
21.86%
Peak monetary tightening by South African Reserve Bank (South Africa SARB Repo Interest Rate).
Lowest Recorded (Jul 2020)
3.50%
Lowest policy interest rate stance set by South African Reserve Bank.
Long-Run Mean (1980–2026)
10.44%
47 annual observations · Monthly
South African Reserve Bank · ZAR
South Africa SARB Repo Interest Rate (South Africa) (1980-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1980–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & South African Reserve Bank (WS_CBPOL:M:ZA)
Latest: 7.25% (Sep 2026)
· Real Rate: +2.99%
SARB Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1980–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1980s | 1980–1989 | 13.70% | 20.75% (1984) | 7.00% (1980) |
| 1990s | 1990–1999 | 15.33% | 19.32% (1998) | 12.00% (1993) |
| 2000s | 2000–2009 | 9.60% | 13.50% (2002) | 7.00% (2005) |
| 2010s | 2010–2019 | 6.00% | 7.00% (2016) | 5.00% (2012) |
| 2020s | 2020–2026 | 6.32% | 8.25% (2023) | 3.50% (2020) |
Complete Annual Historical Ledger (1980–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & South African Reserve Bank (WS_CBPOL:M:ZA)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 7.25% | +3.34% | 6.75% – 7.25% | - |
| 2025 | 6.75% | +3.53% | 6.75% – 7.50% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 7.75% | +3.31% | 7.75% – 8.25% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 8.25% | +2.33% | 7.25% – 8.25% | - |
| 2022 | 7.00% | +0.15% | 4.00% – 7.00% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 3.75% | -0.80% | 3.50% – 3.75% | - |
| 2020 | 3.50% | +0.20% | 3.50% – 6.25% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 6.50% | +2.38% | 6.50% – 6.75% | - |
| 2018 | 6.75% | +2.16% | 6.50% – 6.75% | - |
| 2017 | 6.75% | +1.45% | 6.75% – 7.00% | - |
| 2016 | 7.00% | +0.68% | 6.75% – 7.00% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 6.25% | +1.66% | 5.75% – 6.25% | - |
| 2014 | 5.75% | -0.37% | 5.50% – 5.75% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 5.00% | -0.75% | 5.00% – 5.00% | - |
| 2012 | 5.00% | -0.65% | 5.00% – 5.50% | - |
| 2011 | 5.50% | +0.53% | 5.50% – 5.50% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 5.50% | +1.25% | 5.50% – 7.00% | - |
| 2009 | 7.00% | -0.22% | 7.00% – 11.50% | - |
| 2008 | 11.50% | +0.54% | 11.00% – 12.00% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 11.00% | +3.92% | 9.00% – 11.00% | - |
| 2006 | 9.00% | +4.37% | 7.00% – 9.00% | - |
| 2005 | 7.00% | +3.60% | 7.00% – 7.50% | - |
| 2004 | 7.50% | +6.11% | 7.50% – 8.00% | - |
| 2003 | 8.00% | +2.02% | 8.00% – 13.50% | - |
| 2002 | 13.50% | +4.36% | 10.50% – 13.50% | - |
| 2001 | 9.50% | +3.77% | 9.50% – 12.00% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 12.00% | +6.67% | 11.75% – 12.00% | - |
| 1999 | 12.00% | +6.73% | 12.00% – 18.83% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 19.32% | +12.46% | 14.93% – 21.86% | - |
| 1997 | 16.00% | +7.38% | 16.00% – 17.00% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 17.00% | +9.66% | 15.00% – 17.00% | - |
| 1995 | 15.00% | +6.27% | 13.00% – 15.00% | - |
| 1994 | 13.00% | +4.06% | 12.00% – 13.00% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 12.00% | +2.28% | 12.00% – 14.00% | - |
| 1992 | 14.00% | +0.04% | 14.00% – 17.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 17.00% | +1.69% | 17.00% – 18.00% | - |
| 1990 | 18.00% | +3.67% | 18.00% – 18.00% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 18.00% | +3.29% | 14.50% – 18.00% | - |
| 1988 | 14.50% | +1.70% | 9.50% – 14.50% | - |
| 1987 | 9.50% | -6.69% | 9.50% – 9.50% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 9.50% | -9.16% | 9.50% – 12.00% | - |
| 1985 | 13.00% | -3.26% | 13.00% – 21.75% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 20.75% | +9.25% | 17.75% – 21.75% | - |
| 1983 | 17.75% | +5.40% | 13.50% – 17.75% | - |
| 1982 | 13.50% | -1.17% | 13.50% – 13.50% | - |
| 1981 | 13.50% | -1.78% | 7.00% – 13.50% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 7.00% | -6.65% | 7.00% – 7.00% | - |
Frequently Asked Questions - SARB Policy Rate
What is the current South Africa SARB Repo Interest Rate?
As of Sep 2026, the South Africa SARB Repo Interest Rate is 7.25% per annum. Adjusted for headline inflation (4.26%), the ex-post real policy rate in South Africa stands at +2.99%.
What was the highest and lowest South African Reserve Bank interest rate on record?
Across the 1980-2026 archive, the South Africa SARB Repo Interest Rate reached a record high of 21.86% in Sep 1998 and a record low of 3.50% in Jul 2020. The long-run annual mean is 10.44%.
What is the South African Reserve Bank inflation target?
The South African Reserve Bank operates with an official inflation target of 3.0%-6.0% Target Range (4.5% Midpoint). Its statutory mandate is: Protect the value of the currency in the interest of balanced and sustainable economic growth.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & South African Reserve Bank
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:ZA
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: Official repo rate.
- Reporting agency: South African Reserve Bank; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). South Africa SARB Repo Interest Rate (South Africa), compiled from Bank for International Settlements (WS_CBPOL:M:ZA). https://centralbankdata.com/south-africa-repo-rate
BibTeX
@misc{cbd_cbpol_south_africa,
author = {CentralBankData.com},
title = {South Africa SARB Repo Interest Rate (South Africa)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:ZA},
year = {2026},
url = {https://centralbankdata.com/south-africa-repo-rate}
}Related South African Reserve Bank & Global Series
Full South African Reserve Bank profile →Consumer Price Inflation Rates & Targets
South Africa Inflation Rate (CPI YoY %)
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Central Bank Balance Sheets (USD)
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Foreign Exchange & Gold Reserves
South Africa Foreign Exchange & Gold Reserves (USD)
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Real Effective Exchange Rates (REER)
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Central Bank Interest Rates
Federal Funds Effective Rate (United States)
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