Interest Rate Decision 19 November 2026: Will Rates Go Up Again?
Prices and facts checked 23 October 2026. We don't accept payment for rankings.
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Short answer: the Reserve Bank's next and final rate decision of 2026 is on Thursday, 19 November. The repo rate is 7.25% and prime is 10.75%. Economists are split: most expect a hold, but several big banks see a real risk of another 0.25% hike. Nobody expects a cut this year. A hike would add about R254 a month to a R1.5 million, 20-year bond (bond.co.za forecast tracker; our calculation).
This is a preview. Forecasts aren't decisions. We'll update this page with what the Reserve Bank actually decides on 19 November.
Where rates are now
| Repo rate | 7.25%, raised by 0.25% on 23 September 2026 (effective 25 September) |
| Prime lending rate | 10.75% |
| Next decision | Thursday, 19 November 2026 |
| Following decisions | 28 January and 18 March 2027 |
Sources: SAnews (September decision); bond.co.za (prime and meeting dates).
The September decision was unanimous. The Reserve Bank raised rates because of rising price pressures, mainly from the global energy shock and the war in the Middle East (Nedbank Economic Insights, 23 September 2026).
What economists expect on 19 November
According to bond.co.za's tracker, updated 17 October:
| Forecaster | Call for 19 November |
|---|---|
| Reserve Bank's own model | Hold: rates broadly stable for the rest of 2026 |
| Standard Bank | Hold: September may have been the peak |
| PSG | Hold |
| FNB | Hold |
| Nedbank | Hold, with a high risk of a hike |
| Investec | Possible hike, because of fuel prices |
| Bank of America | Hike to 7.50% |
Reuters reported on 21 October that economists were still divided after the latest inflation figures (CNBC Africa / Reuters).
Why fuel prices matter
- Inflation is rising. Consumer inflation was 4.5% in September, up from 4.4% in August. Economists expect a bigger jump in October, after the petrol price rose by about 12% (CNBC Africa / Reuters).
- The Reserve Bank expects inflation above 5% in the last quarter of 2026 and the first quarter of 2027, before it falls back towards its 3% target by the end of 2027 (Nedbank).
- Fuel levy relief helps a little. The mini budget cut the fuel levy by R1.50 a litre on petrol and R3 on diesel from 4 November, falling to R1 and R1.50 until 5 January 2027 (TimesLIVE). Lower pump prices could ease inflation pressure slightly. See our mini budget guide.
What a hike would cost you
If prime rises from 10.75% to 11.00%, monthly repayments on a 20-year bond would change like this:
| Bond amount | At 10.75% | At 11.00% | Extra each month |
|---|---|---|---|
| R1,000,000 | R10,152 | R10,322 | +R170 |
| R1,500,000 | R15,228 | R15,483 | +R254 |
| R2,000,000 | R20,305 | R20,644 | +R339 |
We calculated these with a standard bond repayment formula. Your bank's rate may be above or below prime. Try your own numbers in our bond repayment calculator.
Rates on car finance, credit cards and personal loans usually follow prime too. Savers can benefit: rates on savings accounts, fixed deposits and RSA Retail Savings Bonds often rise after a hike.
How to prepare
- Budget for the higher repayment now. If rates stay on hold, you'll have a buffer.
- Pay a little extra on your bond if you can. It cuts the interest you pay, and many bonds let you take the extra back out later. Check with your bank.
- Check your debts' rates against the legal maximums. See maximum interest rates on loans.
- Struggling already? Talk to your bank before you miss a payment. See our guide to debt review.
FAQ
When is the next interest rate announcement?
Thursday, 19 November 2026. It's the last scheduled decision of 2026. The next ones are on 28 January and 18 March 2027.
What is the current repo rate in South Africa?
7.25%, since 25 September 2026. The prime lending rate is 10.75%.
Will interest rates go down in 2026?
No forecaster we found expects a cut in 2026. The Reserve Bank's model shows rates broadly stable for the rest of the year, with cuts later as inflation falls.
How much will a 0.25% hike add to my bond?
About R170 a month for every R1 million on a 20-year bond at prime.
Why did the Reserve Bank raise rates in September?
Because of rising inflation risks, mainly from higher fuel and energy prices linked to the war in the Middle East.
Sources
Pages we used for this article, checked on or before the update date above.
- bond.co.za forecast tracker · bond.co.za
- SAnews · sanews.gov.za
- Nedbank Economic Insights, 23 September 2026 · group.nedbank.co.za
- CNBC Africa / Reuters · cnbcafrica.com
- TimesLIVE · timeslive.co.za
Changelog: 23 Oct 2026, first published as a preview. We'll update it after the decision on 19 November.