The SA Reserve Bank cuts rates as inflation comes within target and the rand strengthens

SOUTH AFRICA - Report 20 Sep 2024 by Iraj Abedian

Bringing the benchmark interest rate down for the first time since embarking on a relatively aggressive monetary policy normalization that started in November 2021, the SA Reserve Bank’s Monetary Policy Committee (MPC) voted to cut interest rates by 25 basis points during their September 2024 meeting. This brings the repurchase rate down from 8.25%, a rate that has been in place since May 2023, to 8%, and the prime lending rate down from 11.75% to 11.50%.

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