South Africa policy rate in 2003 (5 changes)

Start of year13.50%

End of year8.00%Dec 31, 2003

Net change-550 bp0 hikes, 5 cuts

Average11.648%

Rank by level7 / 36

Changes in 2003

Date	From	To	Change
Jun 13, 2003	13.50%	12.00%	cut -150 bp
Aug 15, 2003	12.00%	11.00%	cut -100 bp
Sep 11, 2003	11.00%	10.00%	cut -100 bp
Oct 17, 2003	10.00%	8.50%	cut -150 bp
Dec 12, 2003	8.50%	8.00%	cut -50 bp

Compared with other areas at the end of 2003

Türkiye26%

Romania21.25%

Brazil16.5%

Russia16%

Hungary12.5%

Serbia9%

South Africa8%

Colombia7.25%

India7%

Philippines6.75%

North Macedonia6.65%

Mexico6.12%

China5.31%

Poland5.25%

Australia5.25%

Israel5.2%

Iceland5.16%

New Zealand5%

Malaysia4.5%

South Korea3.75%

United Kingdom3.75%

Morocco3.25%

Kuwait3.25%

Sweden2.75%

Canada2.75%

Peru2.5%

Hong Kong2.5%

Norway2.25%

Chile2.25%

Denmark2.15%

Euro area2%

Czechia2%

Saudi Arabia1.75%

Thailand1.25%

United States1%

Switzerland0.375%

Year-end rate over time

20267.25%

20256.75%

20247.75%

20238.25%

20227%

20213.75%

20203.5%

20196.5%

20186.75%

20176.75%

20167%

20156.25%

20145.75%

20135%

20125%

20115.5%

20105.5%

20097%

200811.5%

200711%

20069%

20057%

20047.5%

20038%

200213.5%

20019.5%

200012%

← 2002 2004 →

2003: hikes and cuts worldwide →

Daily policy-rate data compiled by the BIS. Not investment advice.