South African Reserve Bank (Sarb) Governor Lesetja Kganyago on Thursday announced that the repo rate will be reduced to 6.25%.
The repo rate is the rate at which the central bank lends money to commercial banks.
The decision follows this week’s Monetary Policy Committee meeting.
In July last year, the bank reduced the repo rate by 25 basis points to 6.5% and it was kept unchanged in September and November.
The prime lending rate, the figure charged by banks to customers, has been cut to 9.75%.
More Stories
Economists Predict Moderate Interest Rate Hike After Consumer Inflation Drop
Interest Rate Hikes And Home Insurance: How To Navigate The Changes
Karpowership Energy Deal Shouldn’t Be More Than Five Years – Ramokgopa
Sign Language Moves A Step Closer To Being SA’s 12th Official Language
Numsa To Meet Eskom For Third Round Of Wage Talks
Changemaker Honoured For Africa Education Nomination
Ramaphosa Confident There’ll Be Less Load Shedding ‘Within The Next Few Months’
SA To Purchase Emergency Power To Keep The Lights On – Mashatile
Gift Of The Givers Unveils R60m Upgrade At Charlotte Maxeke Hospital
Western Cape Disaster Teams On Standby Amid Higher Stages Of Load Shedding – Winde
Karpowership Granted Access To Dock At Three SA Ports
Not SA’s Place To Be Hostile Towards Russia Despite Invasion Of Ukraine: DIRCO