Surprise repo rate cut comes as relief to SA consumers
CAPE TOWN –
The SA Reserve Bank’s Monetary Policy Committee (MPC) yesterday announced a surprise, but widely welcomed 0.25 percent cut in the repo rate to 6.25 percent, due mainly to low inflation and the weak economy.
The SA Reserve Bank’s Monetary Policy Committee (MPC) yesterday announced a surprise, but widely welcomed 0.25 percent cut in the repo rate to 6.25 percent, due mainly to low inflation and the weak economy.
Most analysts had predicted the rate would remain unchanged.
As a result, the prime rate, or best interest rate consumers can get at banks, will fall 0.25 percent to 9.75 percent. The repo rate is the benchmark rate at which the Bank lends money to other banks. The last time it was changed was in July 2019, when it was cut by 25 basis points.
Source: iol.co.za