South Africa policy rate in 2023 (3 changes)

Start of year7.00%

End of year8.25%Dec 30, 2023

Net change+125 bp3 hikes, 0 cuts

Average7.911%

Rank by level8 / 38

Changes in 2023

Date	From	To	Change
Jan 27, 2023	7.00%	7.25%	hike +25 bp
Mar 31, 2023	7.25%	7.75%	hike +50 bp
May 26, 2023	7.75%	8.25%	hike +50 bp

Compared with other areas at the end of 2023

Türkiye42.5%

Russia16%

Colombia13%

Brazil11.75%

Mexico11.25%

Hungary10.75%

Iceland9.25%

South Africa8.25%

Chile8.25%

Romania7%

Peru6.75%

Czechia6.75%

Serbia6.5%

Philippines6.5%

India6.5%

North Macedonia6.3%

Saudi Arabia6%

Indonesia6%

Poland5.75%

Hong Kong5.75%

New Zealand5.5%

United States5.375%

United Kingdom5.25%

Canada5%

Israel4.75%

Euro area4.5%

Norway4.5%

Australia4.35%

Kuwait4.25%

Sweden4%

Denmark3.6%

South Korea3.5%

China3.45%

Malaysia3%

Morocco3%

Thailand2.5%

Switzerland1.75%

Japan-0.1%

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%

← 2022 2024 →

2023: hikes and cuts worldwide →

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