Media Statement: Standing Committee on Finance Calls on South African Reserve Bank (SARB) to Seriously Look at High-Interest Rate Issue

The Standing Committee on Finance has called on the South African Reserve Bank (SARB) to seriously look at the issue of the high interest rate which is making life difficult for both the poor and middle-income earners in South Africa.

The Committee Chairperson, Dr Joe Maswanganyi, said that the committee is raising this matter not to instruct the central bank to lower the interest rate, but to consider it an issue that is mostly affecting ordinary people on the ground.

The SARB briefed the committee today on its mandate, structure, governance and shareholding as part of the committee’s capacity-building workshop. Furthermore, the presentation covered national payments, financial surveillance and prudential regulation

The committee has welcomed the SARB presentation and applauded the central bank for ranking 8th on transparency index out of 30 countries globally. To this end, the central bank undertook to continue working hard to improve its transparency index globally.

Some of the measures taken by the SARB to improve its transparency index include speaking directly with local communities at regional level through forums. In 2024, the central bank has conducted ten of such forums in Bloemfontein, Cape Town, Durban, Gqeberha, Kimberly, Mahikeng, Mbombela, Polokwane, Sandton and in Soweto.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.