SA Prime Rate History (2016–2026)
Source: SARB Monetary Policy Committee. Prime rate = repo rate + 3.5% (SA banking convention).
Key rate events
Prime dropped from 9.75% to 7% in a series of emergency and scheduled cuts as the economy shut down.
SARB started raising rates to combat post-COVID inflation, beginning an 18-month tightening cycle.
Prime reached its highest level since 2009, with 475bp of cumulative hikes since November 2021.
SARB began its cutting cycle as inflation returned to target, reducing prime from 11.75%.
Prime reached 10.25% (repo 6.75%), the lowest level of the post-COVID cutting cycle.
SARB hiked 25bp to 10.50% — the first hike since May 2023 — citing global oil supply pressures.
The MPC left the repo rate at 7.00%, keeping prime at 10.50%. Four members favoured the hold, two preferred a further 25bp hike.
All rate changes
| Date | Prime rate | Change |
|---|---|---|
| 2026-05-29 | 10.5% | +25bp |
| 2025-11-20 | 10.25% | -25bp |
| 2025-08-01 | 10.5% | -25bp |
| 2025-05-30 | 10.75% | -25bp |
| 2025-01-30 | 11% | -25bp |
| 2024-11-22 | 11.25% | -25bp |
| 2024-09-20 | 11.5% | -25bp |
| 2023-05-26 | 11.75% | +50bp |
| 2023-03-31 | 11.25% | +50bp |
| 2023-01-27 | 10.75% | +25bp |
| 2022-11-25 | 10.5% | +75bp |
| 2022-09-23 | 9.75% | +75bp |
| 2022-07-22 | 9% | +75bp |
| 2022-05-20 | 8.25% | +50bp |
| 2022-03-25 | 7.75% | +25bp |
| 2022-01-28 | 7.5% | +25bp |
| 2021-11-19 | 7.25% | +25bp |
| 2020-07-24 | 7% | -25bp |
| 2020-05-22 | 7.25% | -50bp |
| 2020-04-15 | 7.75% | -100bp |
| 2020-03-20 | 8.75% | -100bp |
| 2020-01-17 | 9.75% | -25bp |
| 2019-07-19 | 10% | -25bp |
| 2018-11-23 | 10.25% | +25bp |
| 2018-03-29 | 10% | -25bp |
| 2017-07-21 | 10.25% | -25bp |
| 2016-03-18 | 10.5% | +25bp |
| 2016-01-29 | 10.25% | — |
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