This comes after significant pressure on consumers, with borrowing costs surging by 475 basis points since 2021.
The reserve bank cut the repo rate by 25 basis points, bringing it down from a 15-year high of 8.25% to 8%. This marks the first rate cut in four years.
Inflation in South Africa has also dropped to 4.4% in August, down from 4.6% in July, fuelling hopes for further cuts. For consumers and businesses, the repo rate cut means a potential decrease in borrowing costs, with lower interest rates on loans and mortgages expected to follow.
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