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# Reserve Bank holds at 7.25%.
- URL: https://www.businessbagel.com/reserve-bank-holds-at-7-25/
- Published: 2026-05-18T11:02:24.000Z
- Updated: 2026-08-10T07:52:53.000Z
- Description: The MPC voted 3–2 to hold the repo rate at 7.25% — a third straight hold, fully priced in. Hawkish language, neutral substance: what Kganyago's wording signals about cuts.
- Author: Philip Ziegler
- Tags: Economy

The Monetary Policy Committee voted 3–2 to keep the repo rate at 7.25% — the third consecutive hold and a result the curve had fully priced in by Tuesday.

Governor Kganyago's statement leaned hawkish in language and neutral in substance. Inflation is "stickier than we would like," services prices "remain a concern," and the committee "stands ready" — the boilerplate of a central bank that does not intend to cut soon.

**By the numbers**

- Repo rate: 7.25% (unchanged)
- Prime: 10.75%
- Headline CPI: 4.8% (April)
- Core CPI: 4.4%
- Vote split: 3 hold, 2 cut

**What it means**

For business: bond yields drifted three basis points lower on the day, but anyone betting on a near-term cut is now looking at September at the earliest. For households: prime stays where it is, which means the mortgage you already have does not get cheaper this quarter.

The rand traded in a ten-cent band against the dollar and closed where it started. The JSE All Share added 0.4%, led by banks.

*The next MPC meeting is 23 July. Watch the May CPI print on the 22nd.*