Repo rate in South Africa

The repo rate is the South African Reserve Bank's policy rate. The SARB now calls it the SARB policy rate: it says the name "repo rate" described the way it lent short-term money to banks through repurchase agreements, and in 2022 it moved to a surplus framework, where that lending is needed far less. Both names mean the same rate.

The rate is set by the SARB's Monetary Policy Committee and announced after its scheduled meetings. On 14 Oct 2026 the SARB listed the next announcement for 19 Nov 2026, then 28 Jan, 18 Mar, 27 May, 22 Jul, 29 Sep and 25 Nov 2027.

The prime lending rate is set at a fixed 350 basis points above the repo rate, so every repo decision moves the prime rate by the same amount.

The repo rate also sets the legal ceiling on interest. Under regulation 42 of the National Credit Regulations, the maximum interest rate is the repo rate plus 21 percentage points a year for unsecured credit, which covers most personal loans, plus 14 points for credit facilities such as credit cards and overdrafts, and plus 12 points for mortgages. Short-term loans have a monthly cap that does not depend on the repo rate.

When the repo rate falls, the ceiling for new loans falls with it. To compare lenders' rates and fees against the cap, see loans in South Africa and the loan calculator.