The Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep rates unchanged, leaving the repo rate steady at 6.75 percent and the prime lending rate at 10.25 percent.

The bank says inflation has reached its peak for the year and is expected to remain under control.

Reserve Bank Governor Lesetja Kganyago says if the rand continues to strengthen and oil prices continue to drop, then interest rate cuts can be expected this year.

“We assess the risks to the inflation outlook as balanced. Against this backdrop, the MPC decided to keep policy rate unchanged at 6.75%. Two members favoured a cut of 25 basis points, while four preferred a hold.  The quarterly projection model continued to forecast gradual rate as inflation subsides.”

The MPC keeps the repurchase rate unchanged at 6.75%#SARBMPCJan26 #InterestRates pic.twitter.com/ZpIunULlzs

— SA Reserve Bank (@SAReserveBank) January 29, 2026

Governor Lesetja Kganyago delivers MPC statement:

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