south africa reserve bank sarb interest rate

The South African Reserve Bank’s Monetary Policy Committee will sit for its first meeting of the new year on Thursday, 25 January. Image: @SARB

BREAKING: SA Reserve Bank votes to keep interest rates on hold

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep interest rates on hold on Thursday, 23 November.

south africa reserve bank sarb interest rate

The South African Reserve Bank’s Monetary Policy Committee will sit for its first meeting of the new year on Thursday, 25 January. Image: @SARB

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep interest rates on hold on Thursday, 23 November.

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That announcement will come as relief to South Africans, particularly those with home mortgages.

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The country’s repurchase rate will remain at 8.25% while the current prime lending rate stays at 11.75%.

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The vote was unanimous.

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Reminder of monthly bond repayments

The 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 000R8 128
R800 000R8 670
R850 000R9 212
R900 000R9 753
R950 000R10 295
R1 000 000R10 837
R1 500 000R16 256
R2 000 000R21 674
R2 500 000R27 093
R3 000 000R32 511
R3 500 000R37 930
R4 000 000R43 348
R4 500 000R48 767
R5 000 000R54 185