INTEREST RATE IS UNCHANGED
The South African Reserve Bank met earlier this afternoon and we are pleased to advise that the repo rate was left unchanged at 8.25%, meaning that the current prime lending rate remains at 11.75%.
Since the interest rate hiking cycle started in November 2021, the Monetary Policy Committee has hiked the repo rate ten times by a cumulative 425 basis points and reached a 14-year-high at 8.25% earlier this year. The announcement this afternoon is a relief and a welcome boost for indebted South Africans.
24 Nov 2023
Author STBB
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