DStv Channel 403 Thursday, 05 December 2024

Discussion | Relief for indebted South Africans

JOHANNESBURG - South Africa’s Reserve Bank has cut interest rates as expected today.

WATCH: Beneficiaries using two-pot withdrawals to settle debt

At its last meeting of the year the bank has dropped interest rates by 25 basis points or a quarter of a percentage point.

That takes the repo rate which is the benchmark rate the Reserve Bank offers to commercial banks to 7.75%.

The Prime lending rate used by the banks usually as a benchmark to decide how much to charge customers has gone from 11.50% to 11.25%.

Economist at Standard Bank, Elna Moolman discussed this with eNCA.

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