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Financial News

In a move that pleased many debtors the SA Reserve Bank decided to copy some other central banks and not make any changes to the Repo Rate in July 2023.

This means that for now debt repayments stay as they have been for the last 2 months.

The SARB Monetary Policy Committee have been pushing the rate up in an effort to try fight consumer inflation. The stats now show that inflation has in fact dropped (within the targeted range) for the first time in a year.

Some economists however say that raising the repo rate does not really help since the majority of inflation costs relate to things like the Rand V Dollar and international fuel costs as well as global freight costs (all of which do not directly interact with the rate). Instead, they say that raising the rate has simply hurt consumers.