SA's prime lending rate is now 11.25% Moneyweb interestrates
The bigger-than-expected repo rate hike announced by the South African Reserve Bank on Thursday will put even more pressure on those with home and car loans, immediately pushing up the cost of financing. Delivering its second monetary policy statement of the year, the central bank hiked the repo rate by 50 basis points to 7.75% – pushing the prime lending rate of commercial banks to 11.25%.
Nedbank says SA likely entered recession in Q4 of 2022 Roux said it can be argued that the Sarb imposed a “big bang” increase in order to rather err on the side of being hawkish, which would enable it to be more relaxed in coming monetary policy meetings. He expects a pause in the rate hiking cycle. “If they [the Sarb] want to be really vigorous and bring inflation down to 4.5%, there is no prospect of any pausing.
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