Reading Time: < 1 minute

Repo Rate Unchanged

The SA Reserve Bank’s Monetary Policy Committee (MPC) has decided to leave the repo rate unchanged at the record low of 3.5%. This will continue to provide credit users with some relief in the face of the lockdown and pandemic.

It is Going To Go Up Soon

Reserve Bank Governor, Lesetja Kganyago did however say that this are going to change in the near future and that rates are likely to go up.

He said: “The implied policy rate path of the Quarterly Projection Model indicates an increase of 25 basis points in the fourth quarter of 2021 and further increases in each quarter of 2022 and 2023.”

Basically, rates are going to go up a few times over the next 24 months. So, brace yourself or lock in these low rates while you can.