South Africa Prime Rate History — 2020 to April 2026
Every SARB MPC rate decision from the COVID emergency cut in 2020 to the current rate of 10.25%.
Current Prime Rate
Effective 30 January 2025 · Repo Rate: 7.75%
Understanding SA Prime Rate History
South Africa's prime rate hit a historic low of 7.00% in July 2020, when the SARB made emergency cuts during the COVID-19 pandemic. The repo rate was slashed from 6.50% to 3.50% in a series of emergency meetings — the most aggressive cutting cycle in South African history.
The hiking cycle began in November 2021 and continued aggressively through 2022 and into 2023 as global and domestic inflation surged. The prime rate peaked at 11.75% in May 2023 — the highest in 15 years — before the SARB paused and eventually began cutting from September 2024.
The current rate of 10.25% reflects a cautious easing cycle. The SARB has moved in 25 basis point steps, prioritising inflation control over aggressive stimulus. Most forecasters expect one or two further cuts in 2026 if CPI continues to moderate toward the 4.5% midpoint target.
Disclaimer: Rate history sourced from SARB MPC statements. Always verify with your lender before making financial decisions.
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