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JOHANNESBURG – South Africa’s Reserve Bank has cut interest rates as expected today.
WATCH: Beneficiaries using two-pot withdrawals to settle debt
At its last meeting of the year the bank has dropped interest rates by 25 basis points or a quarter of a percentage point.
That takes the repo rate which is the benchmark rate the Reserve Bank offers to commercial banks to 7.75%.
The Prime lending rate used by the banks usually as a benchmark to decide how much to charge customers has gone from 11.50% to 11.25%.
Economist at Standard Bank, Elna Moolman discussed this with eNCA.
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