SARB hikes interest rates

Highly-indebted South Africans will be paying more to service their debt. The South African Reserve Bank's Monetary Policy Committee has raised its policy rate, formerly known as the repo rate, by 25-basis-points, taking it to 7%. Reserve Bank Governor, Lesetja Kganyago, said that 4 MPC members voted for the hike, while 2 voted to hold the rate. A 50-basis-point increase was also discussed.
Consumers with mortgage bonds, vehicle finance, credit cards and other debt will likely hear from their banks that their interest rate is going up. The prime lending rate is up to 10.5%, effective from tomorrow, 29 May 2026.

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