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The South African Reserve Bank’s Monetary Policy Committee (MPC) has reduced the repo rate by 25 basis points, bringing it down to 8%. This is the first rate cut since 2020, lowering the prime lending rate to 11.50%.
Reserve Bank Governor Lesetja Kganyago announced the decision on 19 September 2024, highlighting that the cut aims to maintain lower inflation, which has dropped to 4.4%, the lowest level since April 2021. Kganyago emphasized that inflation is expected to remain contained, forecasting a stable rate path through 2026.
The rate cut follows discussions within the MPC, which considered options ranging from no change to a 50-basis point cut, ultimately settling on a moderate 25-point reduction