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>Statement of the Monetary Policy Committee July 2026

South African Reserve BankRef: https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/july

Official source

Source domain: resbank.co.za

Collected on 28 July 2026

Always confirm details on the official source before acting.

Our copy (archived 28 July 2026)Official source

What this means

This document is the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) Statement for July 2026, issued by Lesetja Kganyago, Governor of the SARB. It reviews global and South African economic conditions and explains the MPC’s decision on interest rates. The MPC kept the policy rate unchanged at 7%, with inflation at 5.0% (above the 3% target) and expected to remain above 4% until early next year. The statement also discusses risk scenarios for inflation expectations and oil prices and notes upcoming MPC-related dates (23 September 2026 and 19 November 2026).

Facts

Reference

https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/july

Key Takeaways

  • Document: Statement of the Monetary Policy Committee July 2026
  • Issued by: Lesetja Kganyago (Governor, SARB)
  • MPC decision: policy rate kept unchanged at 7%
  • Inflation: 5.0% in June; inflation expected to stay above 4% until early next year
  • Inflation target: 3% with tolerance band ±1
  • Vote split: four members preferred hold; two preferred increase of 25 basis points
  • Forecast: policy rate broadly stable through remainder of 2026; cuts later as inflation falls to 3%
  • Risk scenarios considered: inflation expectations rising; oil price scenarios (adverse 100 USD/bbl in 2026 easing to 80 by 2029; favourable 78 USD/bbl in 2026 falling to 60 by 2029)
  • Upcoming announcements/dates: 23 September 2026 and 19 November 2026
  • South African Reserve Bank (SARB)
  • Monetary Policy Committee (MPC)
  • Lesetja Kganyago
  • Bank of Japan
  • European Central Bank
  • Bank of England
  • People’s Bank of China
  • US Federal Reserve
  • Bureau for Economic Research

Dates

Closing Date

23 September 2026