The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) met for the third time in 2024 on Thursday, 30 May.
The MPC meets every second month.
The committee voted to hold rates, keeping the repo rate at 8.25% and the prime lending rate at 11.75%.
It was the sixth consecutive meeting that the interest rates had remained on hold.
Reserve Bank governor Lesetja Kganyago confirmed that the vote was unanimous among the committee.
While that was ‘good’ news for those fearful of a hike, it represents bad news for those desperately seeking a cut.
Any possible rate cut has been pushed back to Q2 in 2025.
The next SARB meeting will be on Thursday, 18 July.
Kganyago said that while there have been some improvements in key indicators and influencers – particularly the almost two months of no load shedding or national power disturbances – inflation remains a key worry.
The full SARB statement can be read here.
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 South African website’s helpful 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 |