The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) will sit for its first meeting of the new year on Thursday, 25 January.
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It’s widely expected that the central bank to keep the repo rate at 8.25% while the current prime lending rate will stay at 11.75%.
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The MPC meets every second month.
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According to the BusinessTech website, the repo rate is forecast to remain at 8.25% until the September 2024 announcement when a 25 basis point drop (to 8%) is expected.
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The final SA Reserve Bank meeting of the year – in November – could see a further 25 basis point decrease (to 7.75%).
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MPC MEETING DATES FOR 2024
| Month | Date |
| January | 25 January |
| March | 27 March |
| May | 30 May |
| July | 18 July |
| September | 19 September |
| November | 21 November |
Reminder of monthly bond repayments
The table below shows the current monthly bond repayments on various bond values assuming no deposit and that repayments are at prime (11.75%):
| Bond value (20 years) | Monthly cost |
| R750 000 | R8 128 |
| R800 000 | R8 670 |
| R850 000 | R9 212 |
| R900 000 | R9 753 |
| R950 000 | R10 295 |
| R1 000 000 | R10 837 |
| R1 500 000 | R16 256 |
| R2 000 000 | R21 674 |
| R2 500 000 | R27 093 |
| R3 000 000 | R32 511 |
| R3 500 000 | R37 930 |
| R4 000 000 | R43 348 |
| R4 500 000 | R48 767 |
| R5 000 000 | R54 185 |
