SA reserve bank interest rates - SARB/ Mampho Modise
The South African Reserve Bank. Image: @SARB

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JUST IN: SA Reserve Bank keeps interest rates on HOLD

The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) voted to keep interest rates on hold on Thursday.

SA reserve bank interest rates - SARB/ Mampho Modise
The South African Reserve Bank. Image: @SARB

The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) voted to keep interest rates on hold on Thursday.

As was widely expected, the central bank kept the repo rate at 8.25% while the current prime lending rate stayed at 11.75%.

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The MPC meets every second month.

It was the fourth consecutive meeting that the interest rates have remained on hold.

Reserve Bank governor Lesetja Kganyago confirmed the the vote was unanimous among the five-member committee.

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Meanwhile, according to the BusinessTech website, the repo rate is forecast to remain at 8.25% until the September 2024 announcement when a 25 basis point drop (to 8%) is expected.

The final SA Reserve Bank meeting of the year – in November – could see a further 25 basis point decrease (to 7.75%).

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MPC MEETING DATES FOR 2024

MonthDate
January25 January
March27 March
May30 May
July18 July
September19 September
November21 November

REMINDER OF MONTHLY BOND REPAYMENTS

The table below shows the current monthly bond repayments on various bond values assuming no deposit and that repayments are at prime (11.75%):

Bond value (20 years)Monthly cost
R750 000R8 128
R800 000R8 670
R850 000R9 212
R900 000R9 753
R950 000R10 295
R1 000 000R10 837
R1 500 000R16 256
R2 000 000R21 674
R2 500 000R27 093
R3 000 000R32 511
R3 500 000R37 930
R4 000 000R43 348
R4 500 000R48 767
R5 000 000R54 185