Middle East and Africa

South African Reserve Bank

Sounds hawkish lately +0.05

Speeches: 429
First speech: Feb 18, 1997
Latest speech: Jun 9, 2026
Tone vs coming rate moves: +0.21; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 9, 2026	Rashad Cassim: Money in motion - payments, digital assets and the future of finance Rashad Cassim	−0.03
Jun 2, 2026	Lesetja Kganyago: Managing supply shocks - the role of monetary policy Lesetja Kganyago	+0.14
May 8, 2026	Fundi Tshazibana: Regulation and supervision of the financial sector in the age of artificial intelligence Fundi Tshazibana	−0.04
May 6, 2026	Lesetja Kganyago: One crisis after another - shocks, imbalances and resilience in the global economy Lesetja Kganyago	+0.02
May 4, 2026	Lesetja Kganyago: Supply shocks, monetary policy and the 3% target Lesetja Kganyago	+0.13
Mar 11, 2026	Fundi Tshazibana: Building climate resilience amid structural shocks and policy divergence Fundi Tshazibana	−0.02
Dec 3, 2025	Rashad Cassim: Opening remarks - Market Practitioners Group conference 2025 Rashad Cassim	−0.01
Nov 18, 2025	Lesetja Kganyago: Opening address - 2025 G20 TechSprint awards ceremony Lesetja Kganyago	–
Oct 23, 2025	Lesetja Kganyago: Advancing cross-border payments Lesetja Kganyago	−0.02
Oct 15, 2025	Fundi Tshazibana: Financial policy in the era of the climate crisis - an African perspective Fundi Tshazibana	−0.04
Oct 10, 2025	Lesetja Kganyago: Exchange rates and tariffs Lesetja Kganyago	−0.06
Sep 25, 2025	Lesetja Kganyago: More or less regulation - responding to a changing global environment Lesetja Kganyago	−0.09
Aug 12, 2025	Lesetja Kganyago: From fragility to strength - the role of price stability Lesetja Kganyago	−0.05
Aug 8, 2025	Lesetja Kganyago: Overview of the South African economy Lesetja Kganyago	−0.01
Jun 20, 2025	Lesetja Kganyago: Students and universities as catalysts for change Lesetja Kganyago	+0.09
May 6, 2025	Lesetja Kganyago: The role of ethical leadership amid threats to academic freedom Lesetja Kganyago	–
Apr 22, 2025	Lesetja Kganyago: Challenges of the Group of Twenty Lesetja Kganyago	–
Feb 13, 2025	Lesetja Kganyago: Institutions, leadership and the populist challenge Lesetja Kganyago	+0.11
Oct 17, 2024	Lesetja Kganyago: Lessons learnt - how the South African Reserve Bank moved inflation to 4.5% and what it cost Lesetja Kganyago	+0.05
Oct 2, 2024	Lesetja Kganyago: Paradigm shift - the future of payments in South Africa Lesetja Kganyago	−0.02
Sep 5, 2024	Rashad Cassim: South African Reserve Bank's Payments Study Report Launch Rashad Cassim	+0.01
Aug 21, 2024	Rashad Cassim: The upcoming Jibar transition Rashad Cassim	−0.08
Aug 15, 2024	Lesetja Kganyago: Monetary policy and inequality - the post-pandemic experience Lesetja Kganyago	−0.03
Jul 30, 2024	Lesetja Kganyago: Overview of the South African economy Lesetja Kganyago	+0.02
Jun 25, 2024	Fundi Tshazibana: Scaling up blended finance - the role of financial regulators Fundi Tshazibana	−0.21
May 7, 2024	Lesetja Kganyago: Honouring the life and legacy of a doyen of black business Lesetja Kganyago	+0.23
Apr 25, 2024	Lesetja Kganyago: Introducing deposit insurance in South Africa Lesetja Kganyago	−0.15
Mar 13, 2024	Lesetja Kganyago: Market conduct and financial stability Lesetja Kganyago	−0.09
Mar 6, 2024	Rashad Cassim: Remarks - Annual Financial Markets Cocktail Function Rashad Cassim	−0.06
Feb 5, 2024	Lesetja Kganyago: Delivering on mandates Lesetja Kganyago	+0.11
Dec 1, 2023	Fundi Tshazibana: Higher for longer Fundi Tshazibana	−0.01
Nov 17, 2023	Fundi Tshazibana: Global shifts and regional spillovers – how are we performing? Fundi Tshazibana	+0.02
Oct 19, 2023	Lesetja Kganyago: Climate change and policy coordination - what can central banks do? Lesetja Kganyago	+0.04
Sep 5, 2023	Lesetja Kganyago: Address - University of Limpopo Lesetja Kganyago	+0.15
Aug 15, 2023	Lesetja Kganyago: Speaking notes - MPC Schools Challenge winners' announcement Lesetja Kganyago	−0.02
Jul 28, 2023	Lesetja Kganyago: Overview of the South African economy Lesetja Kganyago	+0.08
Jul 11, 2023	Lesetja Kganyago: The contribution of capital flows to sustainable growth in emerging markets Lesetja Kganyago	−0.15
May 10, 2023	Lesetja Kganyago: Challenges facing the global economy - a South African perspective Lesetja Kganyago	+0.12
Apr 19, 2023	Rashad Cassim: Remarks - Market Practitioners Group Conference Rashad Cassim	−0.04
Apr 11, 2023	Lesetja Kganyago: Globalised stagflation and the emerging market response Lesetja Kganyago	−0.02
Apr 5, 2023	Lesetja Kganyago: Monetary policy amidst high inflation Lesetja Kganyago	+0.15
Mar 16, 2023	Lesetja Kganyago: Introductory remarks - Witwatersrand dialogue Lesetja Kganyago	−0.17
Mar 14, 2023	Rashad Cassim: The state of the South African economy and the role of monetary policy Rashad Cassim	+0.07
Mar 7, 2023	Lesetja Kganyago: How the new global environment is influencing the state of South Africa's economy Lesetja Kganyago	−0.04
Nov 1, 2022	Lesetja Kganyago: Keeping it simple - monetary policy, growth and jobs in South Africa Lesetja Kganyago	+0.00
Oct 10, 2022	Lesetja Kganyago: Remarks - Johannesburg Stock Exchange and the New York Stock Exchange Market Close event Lesetja Kganyago	+0.19
Sep 28, 2022	Lesetja Kganyago: Reflections of macroeconomic policy since 1995, from NICE to VICE – and back again? Lesetja Kganyago	−0.07
Sep 6, 2022	Rashad Cassim: Seeing like a central bank - the SARB, supply shocks, and the logic of higher interest rates in a world of low economic growth Rashad Cassim	+0.12
Aug 31, 2022	Lesetja Kganyago: MPC Schools Challenge Winners Announcement Lesetja Kganyago	+0.01
Aug 25, 2022	Fundi Tshazibana: Central banking in an era of stagflation risk - a view from the MPC Fundi Tshazibana	+0.05
Jul 29, 2022	Lesetja Kganyago: Overview of the South African economy Lesetja Kganyago	+0.18
Jul 25, 2022	Lesetja Kganyago: African Insurance Exchange 2022 Lesetja Kganyago	+0.22
Apr 14, 2022	Kuben Naidoo: Address at the Mohammad Karaan memorial lecture Kuben Naidoo	−0.13
Apr 6, 2022	Lesetja Kganyago: Project Khokha 2 report launch Lesetja Kganyago	−0.03
Jun 30, 2021	Lesetja Kganyago: Address at anniversary celebration of South African Reserve Bank Lesetja Kganyago	+0.03
Dec 8, 2020	Rashad Cassim: Challenges facing fintechs and opportunities to respond Rashad Cassim	−0.18
Nov 30, 2020	Rashad Cassim: Lessons from the crisis and the post-COVID-19 outlook for monetary policy Rashad Cassim	−0.20
Nov 7, 2020	Fundi Tshazibana: The reform of interest rates Fundi Tshazibana	+0.00
Oct 7, 2020	Fundi Tshazibana: The interest rate cycle during and after the COVID-19 pandemic Fundi Tshazibana	−0.11
Sep 22, 2020	Fundi Tshazibana: Monetary policy and financial markets in post-COVID-19 South Africa Fundi Tshazibana	−0.15

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.