Reserve Bank Raises Repo Rate
The SA Reserve Bank has decided to push up the Repo Rate by 0.25 points taking the rate to 6.75% in the first increase in two years.
There was a lot of debate leading up to the announcement as different experts either predicted that the rate would remain the same and only increase next year or would increase this year in the face of mounting economic pressure.
Weak Rand, Expensive Oil
The Rand has been dropping in value over the last few years int he face of the worldwide economic crisis, high levels of government corruption and mass unemployment bringing in less income for the government. A weaker Rand also hurts when it comes to buying oil in dollar prices. All these factors (and more) have moved the Monetary Policy Committee to push up the Repo Rate which will have a knock-on effect on the rates that credit providers ask from consumers for their debts.
Repo Rate now set at 6.75%
Will The Reserve Bank Cut The Repo Rate? On the 28th of March, the Reserve Bank Monetary Policy Committee (MPC) will review the Repo rate (which affects how much % you pay on your credit). Many economists are saying that … read more
Repo Rate Remains at 6.75% The Monetary Policy Committee (MPC) has decided to keep the Repo Rate (the rate at which the Reserve Bank loan the other banks money at) the same. The announcement was not met with surprise, as … read more
Repo Rate Remains the Same The Repo Rate (set by the SA Reserve Bank) affects the rates that banks and other credit providers can charge consumers as a maximum (they mostly charge the maximum don’t they?). This month saw the latest … read more
Repo Rate Remains Stable The Monetary Policy Committee (MPC)of the SA Reserve Bank have met and considered the many factors weighing on the economy and the Reserve Bank Governor has announced that the interest rate will remain stable at 7%. … read more
Will the Repo Rate Go Up? This week the Monetary Policy Committee (MPC) will me to discuss the Repo Rate (the rate that the SA Reserve Bank lend out money to other SA banks at – other interest from these … read more
Repo Rate Stays The Same It was good news for consumers as the Reserve bank Governor Lesetja Kganyago today announced that the Repo Rate (the rate that banks borrow money at) will remain the same for now. This is good … read more
Repo Rate Unchanged The Reserve Bank have announced that the Repo Rate (off which all your other credit rates are normally calculated) will remain unchanged at 7%. Reserve Bank Governor Lesetja Kganyago announced this week that the rate , which … read more
Repo Rate Up Once More This month the Repo Rate went up by another 25 basis points or 0.25% meaning the Repo Rate is now 7%. In March, Reserve Bank Governor Lesetja Kganyago announced that due to pressures on the … read more