The South African Reserve Bank (SARB) elected to keep interest rates on hold, dealing a blow to those South Africans in debt.
Governor Lesetja Kganyago announced the decision at a press briefing on Thursday.
The SARB’s Monetary Policy Committee’s (MPC) six members were not unanimous in making the decision. Four preferred to keep them on hold, while the other two favoured a 25 basis point cut.
The final MPC meeting of the year will take place on Thursday, 20 November.
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 in 2025 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.
The repo rate thus remains at 7% while the prime lending rate is 10.5%.
| Month | Date | Outcome |
| January | 30 January | 25 basis point cut |
| March | 20 March | No change |
| May | 29 May | 25 basis point cut |
| July | 31 July | 25 basis point cut |
| September | 18 September | No change |
| November | 20 November | TBA |
Monthly bond repayment table
The table below shows the current monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime.
| Bond | Current |
| R750 000 | R7 488 |
| R800 000 | R7 987 |
| R850 000 | R8 486 |
| R900 000 | R8 985 |
| R950 000 | R9 485 |
| R1 000 000 | R9 984 |
| R1 500 000 | R14 976 |
| R2 000 000 | R19 968 |
| R2 500 000 | R24 960 |
| R3 000 000 | R29 951 |
| R3 500 000 | R34 943 |
| R4 000 000 | R39 935 |
| R4 500 000 | R44 927 |
| R5 000 000 | R49 919 |
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