The SARB may bring some good news for households in two months time, but it won’t reverse all financial challenges.
Standard Bank has warned that, while interest rate cuts will help cash-strapped households, it will not alleviate all the financial pressure that many are facing – including higher admin and servicing costs, rates and taxes.
South Africa’s largest bank by assets expects two further cuts in the first half of 2025 as inflation cooled into the South African Reserve Bank’s target range of 3% to 6% . The interest rate hiking cycle started in November 2023, driven primarily by the COVID pandemic, local energy issues and volatile food and oil prices.
With R1.2 trillion in mortgages in South Africa, a 50 basis point cut will free up over R4 billion going towards instalments per annum.
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