SARB raises repo 25bp to 7.25% on 23 Sep 2026 after July 4–2 split left path uncertain

On 23 September 2026 the South African Reserve Bank raised its policy (repo) rate by 25 basis points to 7.25% from 7.00%. The move follows a 4–2 split at the July MPC meeting, which had signalled uncertainty about the committee’s near-term stance.

A 25bp repo increase mechanically lifts short-term policy-sensitive rates and prime, tightening borrowing costs for households and corporates and supporting the rand’s yield appeal versus lower-yield peers. It also increases front-end yield carry for ZAR assets while leaving duration-sensitive local bonds and South African-linked external sovereign or corporate debt exposed to potential spread adjustments if growth or risk sentiment weakens.

Next SARB MPC meeting and announcement on 19 November 2026.