JOHANNESBURG - Relief for indebted consumers. The South African Reserve Bank has cut interest rates by another 25 basis points.
This brings the country's repo rate down to 7%, and the prime lending rate to 10.5%. It's the first time the repo rate is at 7%, since the Covid-19 pandemic.
The unexpected decision was taken during the monetary policy committee's (MPC) fourth meeting this week to deliberate on the policy rates.
SARB governor, Lesetja Kganyago made the announcement on Thursday in Johannesburg.