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Sarb hikes rates as oil, Middle East tensions bite

Renewed inflationary pressure, particularly from higher oil and fuel prices has seen the South African Reserve Bank (Sarb) raise its key policy rate by 25 basis points, from 7% to 7.25%, and the prime lending rate to 10.75%.

By Katja Hamilton

23 Sep 2026

Source: Reuters.

Source: Reuters.

The decision - taken by the Monetary Policy Committee, chaired by governor Lesetja Kganyago - was unanimous.

Since the MPC's July meeting this year, the conflict involving Iran and the wider Middle East has escalated, contributing to the higher oil prices and a more uncertain global economic outlook.

The latest decision aims to bring inflation back towards the Sarb's 3% target.

There is just one interest-rate announcement remaining this year.

About Katja Hamilton

Katja is the Finance, Property and Construction Editor at Bizcommunity.

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