“Interest rates unchanged”

The South African Reserve Bank (SARB) is keeping its key lending rate on hold at 5.5 percent, said governor Gill Marcus on Thursday.

The repo rate is the interest rate at which the SARB lends money to commercial banks.

This implies that banks will not increase their prime lending rate of 9.0 percent.

In January, consumers were hit with a shock repo rate hike of 50 basis points at SARB’s monetary policy committee briefing.

Fin24

Edward May

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