SARB keeps interest rate on hold

As was widely expected, the South African Reserve Bank elected to keep the repo rate unchanged when it announced its latest interest rate decision on Thursday, 29 January.

The decision was not unanimous with two of the six-person Monetary Policy Committee favouring a 25 basis point cut, while the four others opted for keeping the rate on hold.

The repo rate thus remained at 6.75%, keeping the prime lending rate at 10.5%.

The announcement left indebted consumers paying the same amounts on loans and credit, while savers will continue earning the same interest on deposits.

First interest rate announcement of 2026

The Monetary Policy Committee (MPC) last cut the repo rate by 25 basis points at its November 2025 meeting.

Thursday’s announcement marked the committee’s first interest rate decision of the year.

RELATED | Interest rates | Here’s how much South Africans with bonds SAVED in 2025

Who are the SARB’s MPC?

The South African Reserve Bank’s monetary policy committee meets every second month to announce changes – if any – to the country’s repo and prime lending rates.

The meetings are scheduled to take place in January, March, May, July, September and November – and always on a Thursday at 15:00.

Currently, the committee comprises of six people, with Lesetja Kganyago holding the position of governor of the SARB – and the deciding vote if necessary.

Dates for SARB MPC meeting dates in 2026

Monthly bond repayment table

The table below shows the monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime, after Thursday’s announcement.

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