SA Reserve Bank interest rates

The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) will meet for the third time in 2024 on Thursday, 30 May. Image: File

SARB keeps interest rates on hold: How much a R1 million bond costs

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

SA Reserve Bank interest rates

The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) will meet for the third time in 2024 on Thursday, 30 May. Image: File

The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) met for the third time in 2024 on Thursday, 30 May.

The MPC meets every second month.

The committee voted to hold rates, keeping the repo rate at 8.25% and the prime lending rate at 11.75%.

It was the sixth consecutive meeting that the interest rates had remained on hold.

Reserve Bank governor Lesetja Kganyago confirmed that the vote was unanimous among the committee.

While that was ‘good’ news for those fearful of a hike, it represents bad news for those desperately seeking a cut.

Any possible rate cut has been pushed back to Q2 in 2025.

The next SARB meeting will be on Thursday, 18 July.

Kganyago said that while there have been some improvements in key indicators and influencers – particularly the almost two months of no load shedding or national power disturbances – inflation remains a key worry.

The full SARB statement can be read here.

SARB MPC MEETING DATES FOR 2024

MonthDate
January25 January
March27 March
May30 May
July18 July
September19 September
November21 November

Reminder of monthly bond repayments

The South African website’s helpful 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