INTEREST RATES ON THE RISE AGAIN
It's truly time to tighten our belts as the trend to increase interest rates sweeps the world. This afternoon the Reserve Bank Monetary Policy Committee announced another 0,5% interest rate hike. This is the largest increase since the rate hikes began last year. This will bring our prime overdraft lending rate to 8,25%.
On a bond of R1 000 000 at the prime rate, the monthly instalment will therefore increase by approximately R311.
Watch this space for the next announcement on interest rates which will be in August of this year.
20 May 2022
Author Miltons Matsemela Inc.
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