The South African Reserve Bank's decision to cut interest rates provided welcome news to South African homeowners and those in debt, boosting consumer confidence and making property purchases more affordable. However, caution is advised.
The decision last month by the SARB ’s monetary policy committee to cut interest rates came as welcome news to those South Africans in debt.The decision last week by the SARB 's monetary policy committee to cut interest rates came as welcome news to those South Africans in debt. Image: SARB After a financially difficult year for many, there was some good news ahead of the festive season.
“Interest rate cuts generally spur consumer confidence. A 25% rate cut may be perceived as beneficial for South African consumers. While it encourages people to spend more and even contract more loans due to the lower interest rates, at the same time, keeping interest rates too low for too long may damage the economy in the long run”, said Terence Hove, Financial Markets Strategist Consultant at
Cheslin and Layla Kolbe took some time away from the kids to enjoy South African-born singer Tyla’s concert in Cape Town.
INTEREST RATES HOMEOWNERS SARB DEBT PROPERTY MARKET
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