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# South African Reserve Bank Holds Repo Rate at 8.25% at January 2024 MPC Meeting
- URL: https://www.theglobalbanker.com/south-african-reserve-bank-holds-repo-rate-8-25-january-2024/
- Published: 2024-01-25T14:26:00.000Z
- Updated: 2026-10-02T12:53:04.000Z
- Description: The SARB kept its repo rate at 8.25%, saying policy was restrictive and consistent with the inflation outlook, with headline CPI at 5.1% in December, inside the 3–6% target band.
- Author: TGB Editorial Team
- Tags: Central Banks, Africa, #archive

The South African Reserve Bank's Monetary Policy Committee voted to hold the repo rate at 8.25% at its January 2024 meeting, as policymakers assessed the risks to the inflation outlook as tilted to the upside and said future decisions would be data dependent.

Headline consumer price inflation stood at 5.1% in the latest reading, placing it inside the SARB's 3% to 6% target band. The Committee said it aims to guide inflation back towards the 4.5% midpoint of the target band. 

#### HOUSEHOLDS AND GROWTH

The current level of the repo rate is weighing on indebted households. 

The Committee's assessment is that accepting some near-term economic softness is a necessary cost of ensuring that inflation is durably returned to the 4.5% midpoint of the target band.

#### INFLATION OUTLOOK

The SARB assessed the risks to the inflation outlook as tilted to the upside, from volatile food and fuel prices to electricity and logistics constraints. 

The MPC said subsequent decisions will be determined by incoming data on inflation, growth, and the global monetary environment rather than by any pre-committed schedule.