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Policy geopoliticsSouth AfricaVerified brief

SARB holds repo at 7.00% in July; MPC split 4-2 as June CPI hits 5.0%

On 23 July 2026 the South African Reserve Banks Monetary Policy Committee kept the policy (repo) rate at 7.00%, with a 4-2 vote (four for hold, two for a 25bp increase). Statistics South Africa reported June 2026 CPI at 5.0%, up from 4.5% in May.

MSA Market DeskEvent 23 July 2026Reviewed 2 min read

The desk brief

On 23 July 2026 the South African Reserve Banks Monetary Policy Committee kept the policy (repo) rate at 7.00%, with a 4-2 vote (four for hold, two for a 25bp increase). Statistics South Africa reported June 2026 CPI at 5.0%, up from 4.5% in May.

A July hold with a 4-2 split amid a 5.0% CPI print raises the probability of further tightening by September. If the MPC hikes in September, higher policy rates would strengthen the discount-rate channel, tend to support the rand and could compress SA sovereign and corporate spreads versus global benchmarks; conversely, a continued dovish stance or easing risk could push spreads wider and weigh on the rand.

23 September 2026 MPC decision (next policy announcement).

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Price Discovery

South Africa sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

12 priced bonds
8.25%7.39%6.53%5.67%4.82%20272033204020462052Soaf 27 · Sept 2027 · 5.269%Soaf 28 · Oct 2028 · 5.527%Soaf 29 · Sept 2029 · 5.694%Soaf 30 · Jun 2030 · 5.872%Soaf 32 · Apr 2032 · 5.997%Soaf 41 · Mar 2041 · 7.344%Soaf 44 · Jul 2044 · 7.509%Soaf 46 · Oct 2046 · 7.631%Soaf 47 · Sept 2047 · 7.683%Soaf 48 · Jun 2048 · 7.710%Soaf 49 · Sept 2049 · 7.717%Soaf 52 · Apr 2052 · 7.794%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Soaf 27Sept 202799.6255.269%
  • Soaf 28Oct 202897.7505.527%
  • Soaf 29Sept 202997.7505.694%
  • Soaf 30Jun 2030100.0005.872%
  • Soaf 32Apr 203299.4385.997%
  • Soaf 41Mar 204190.3757.344%
  • Soaf 44Jul 204479.2507.509%
  • Soaf 46Oct 204673.2507.631%
  • Soaf 47Sept 204779.0007.683%
  • Soaf 48Jun 204885.2507.710%
  • Soaf 49Sept 204979.0007.717%
  • Soaf 52Apr 205294.5637.794%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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