South Africa

South African Reserve Bank holds rates; bias towards stable rates in 2021

  • The SARB held at 3.5%, in line with expectations, looking through last month’s transitory jump in inflation

  • Global sentiment, rising commodity prices, high real rates & positive fiscal surprises have led to ZAR outperformance

  • Markets pricing rate hikes this year, but SARB likely to hold rates barring upside inflation surprises
Subscribe to read this report

You can read this report by subscribing to a Starter or Pro plan today.

Already have an account? Log in


This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Research ratings explanation and full Tellimer disclaimers