The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) will meet for the third time in 2024 on Thursday, 30 May.
The MPC meets every second month.
As a reminder, in their second gathering of the year in late March, 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 fifth 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 experts in the know predict the SARB will 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 later in 2024 or even into 2025.
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.
The South African 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
| Month | Date |
| January | 25 January |
| March | 27 March |
| May | 30 May |
| July | 18 July |
| September | 19 September |
| November | 21 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 000 | R8 128 |
| R800 000 | R8 670 |
| R850 000 | R9 212 |
| R900 000 | R9 753 |
| R950 000 | R10 295 |
| R1 000 000 | R10 837 |
| R1 500 000 | R16 256 |
| R2 000 000 | R21 674 |
| R2 500 000 | R27 093 |
| R3 000 000 | R32 511 |
| R3 500 000 | R37 930 |
| R4 000 000 | R43 348 |
| R4 500 000 | R48 767 |
| R5 000 000 | R54 185 |