Reading Time: < 1 minute

Finance News

Credit users signed with relief this month as the SA Reserve Bank Monetary Policy Committee decided to cut the Repo Rate by another 0.25%.

This means that the Repo Rate is now down to 7.75% and the prime lending rate has dropped to 11.25%.

It has taken a really long time but the record high interest rates seem to finally be having an effect (beyond reducing the amount of disposable income consumers have to use for shopping). 

Inflation figures have now dropped below the SARB’s target range largely due to lower international oil prices and the Rand v Dollar (though these now unfortunately look set to go back up soon).

The small drop will mean some relief to those paying off large amounts of debt (with lots of interest charges).