South Africa Reserve Bank hikes policy rate 25bp to 7.25%, effective 25 Sept 2026
On 23 September 2026 the South African Reserve Bank's Monetary Policy Committee unanimously raised the policy rate by 25 basis points to 7.25%, with the increase effective from 25 September 2026. The decision reflects higher fuel-driven inflation and rising global long-term yields.
The desk brief
On 23 September 2026 the South African Reserve Bank's Monetary Policy Committee unanimously raised the policy rate by 25 basis points to 7.25%, with the increase effective from 25 September 2026. The decision reflects higher fuel-driven inflation and rising global long-term yields.
A 25bp policy rise raises short- and mid-curve domestic funding costs and increases borrowing rates for rand-denominated debt. The move also narrows the yield gap versus higher global (USD) rates, which can provide tactical support to the rand, while higher global long yields keep pressure on duration-sensitive long-dated RSA sovereign bonds.
Next SARB MPC statement and data to watch: 19 November 2026 MPC meeting and Q3 inflation/GDP prints.
Sources & verification
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Public references supporting this brief.
Price Discovery
South Africa sovereign curve
Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.
- Soaf 27Sept 202799.5635.367%
- Soaf 28Oct 202897.9385.452%
- Soaf 29Sept 202998.0635.587%
- Soaf 30Jun 2030100.3135.776%
- Soaf 32Apr 2032100.1885.833%
- Soaf 41Mar 204192.6257.076%
- Soaf 44Jul 204480.8137.326%
- Soaf 46Oct 204674.7507.453%
- Soaf 47Sept 204780.4387.522%
- Soaf 48Jun 204886.6887.559%
- Soaf 49Sept 204980.3757.566%
- Soaf 52Apr 205296.2507.636%
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