South Africa's largest banks have all announced increases in their lending rates following the decision by the South African Reserve Bank Monetary Policy Committee to adjust the repo rate by 50 basis points to 12 percent with effect from Friday.

Standard Bank will increased its prime and home loan base lending rates from 15 percent to 15.50 percent effective Friday 13 June. These rate changes apply to new and existing clients.

Absa's prime overdraft rate and mortgage rates will be increased by the same margin, also effective from tomorrow.

First National Bank's rate increase also take effect tomorrow.

Earlier Nedbank, Old Mutual Bank and Go Banking announced an increase in their lending rates.

I-Net Bridge