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As anticipated, the SARB Monetary Policy Committee decided to push up the Repo Rate (by 50 basis points) during May 2023.

This means the Repo Rate is now 8.25% with the Prime Rate at 11.80%.

This pushes the rate to a 14 year high as electricity woes, inflation woes and political woes continue. Though oil prices are dropping and Stats SA says the inflation rate is slowly falling, it remains to be seen if this latest repo increase will finally turn things around and perhaps allow for a little easing in the future.

Those with credit accounts and facilities will now have to pay more each month towards their debts.