The South African Reserve Bank (SARB) is reportedly likely to follow the lead of the US Federal Reserve and keep interest rates on hold when it meets next week.
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The SARB’s Monetary Policy Committee (MPC) will meet next Thursday, 23 November for the final time in 2023.
The announcement is due from 15:00 onwards.
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If true, the news will come as some relief to South Africans, particularly those with home mortgages.
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The country’s repurchase rate would, in such a scenario, remain at 8.25% while the prime lending rate would stay at 11.75%.
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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 |