The Reserve Bank‘s Monetary Policy Committee has decided to cut the repo rate by 25 basis points to 6.25%. This means the prime lending rate will reduce to from 10% to 9.75%.
Reserve Bank Governor Lesetja Kganyango made the announcement in Pretoria a short while ago. Kganyago told the media that there were risks to rising inflation as well as electricity and water tariffs.
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Source: SABC News (sabcnews.com)