by Ronel Jooste CA(SA), Financial Consultant, Speaker and Author of ‘Financially Fit and Wealthy’
The South African Reserve Bank (SARB) has announced an interest rate cut of 1% (100 basis points) effective from March 2020. The interest rate cut brings the repo rate down to 5,25% and the prime lending rate to 8,75%. This follows the previous cut of 0,25% that was announced three months ago in January 2020 bringing the repo rate to 6,25%. The cut in the interest rate is in response to a South African economy struggling for quite some time now.
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