On 18 November 2021, the South African Reserve Bank (SARB) took a decision to increase the repo rate by 25 basis points, to 3.75%.  Consequently, the prime lending rate of commercial banks was increased to 7.25% .  

According to Moneyweb.co.za, Governer Lesetja Kganyago said that the Monetary Policy Committee vote was split 3:2, with three members in favour of a 25 basis point hike.  Two members voted to keep the repo rate unchanged.

Governer Kganyago warned that economic and financial conditions were expected to remain "volatile for the foreseeable future".