By Lehlohonolo Lehana.
The SA Reserve Bank Governor Lesetja Kganyago will deliver the Monetary Policy Committee statement on Wednesday, 23 September 2026, at 15:00.
At the last meeting in July 2026, the repo rate was held steady (previously noted at 7.00% / 8.5% across varying market contexts).
The central bank’s six-member Monetary Policy Committee (MPC) held its penultimate meeting this week to weigh the balance of risks, amid a shift in market conditions since its last rate meeting in July.
While domestic growth remains subdued, the external inflation environment has become more challenging.
This includes higher oil prices amid renewed geopolitical tensions. Brent crude prices fell below the $100 mark on Tuesday after remaining above that level for much of September.
The global benchmark is currently more than 60% higher year to date, with conflict in the Middle East and the Russia-Ukraine war fuelling inflationary concerns.
Recent oil price movements have already pushed local petrol prices up by an average of R1.34 a litre, or 5.3% month on month, in September.
The latest Bureau for Economic Research (BER) Survey of Inflation Expectations provides an important counterweight to the current global risks.
The deterioration in inflation expectations recorded in the second quarter of the year stabilised, while third-quarter expectations for 2026 remained at 4.4%. Five-year expectations eased from 4.1% to 4%.
Expectations for 2027 and 2028 also declined.
Watch Live in the video below:
Video Courtesy of SARB.