The Reserve Bank Monetary policy committee decided at its first meeting of 2024 to leave the repo rate, the rate at which banks borrow money from the South African Reserve Bank (SARB), unchanged at 8,25%. This means that commercial banks will also leave the prime interest rate unchanged at 11,75%, equal to a real inflation-adjusted prime rate of about 5,5%, based on the average consumer price inflation (CPI) of 6% for 2023.
Positive outlook for lower interest rates
Feb 16, 2024
3 minutes
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