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

Home » SARB set to make interest rate announcement on Wedndesday

SARB set to make interest rate announcement on Wedndesday

The SARB MPC is set to meet for the second time in 2024. Here is what you can look forward to in the interest rate announcement.

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

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) will meet for the second time in 2024 on Wednesday, 27 March.

The MPC meets every second month.

As a reminder, in their first gathering of the year in late January, the central bank elected to keep the repo rate at 8.25% while the current prime lending rate stayed at 11.75%.

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

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

Meanwhile, those in the know predict the SARB to keep the interest rate on hold once again this week.

While that would be ‘good’ news for those fearful of a hike, it represents bad news for those desperately seeking a cut.

Any cut has been pushed back to May, July – or later in 2024.

Kganyago recently told Bloomberg that the SARB won’t succumb to election pressures as the country prepares to vote in the general elections on Wednesday, 29 May 2024.

The SAPeople website will publish the outcome of this week’s SARB announcement as soon as it’s announced at around 15:00.

SARB 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