Reserve Bank keeps repo rate unchanged
Category Industry News
The Reserve Bank has kept the repo rate unchanged at 6.75, a decision which has been broadly welcomed by the property sector.
On Thursday 17 January, Governor of the SA Reserve Bank, Lesetja Kganyago, announced the benchmark rate call at a media briefing in Pretoria. He said the decision was unanimous.
The repo rate is the interest rate at which the central bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the rate banks use as a starting point to calculate interest rates for their clients.
With the repo rate unchanged at 6.75%, the prime lending rate will remain steady at 10.25%.
Comments Adrienne Hersch, CEO of Adrienne Hersch Properties, "The Reserve Bank's decision will provide consumers with a much-needed breather in the face of rising cost of living, sluggish economic growth and a lacklustre market. We anticipate the decision to encourage previously hesitant prospective home buyers and investors to enter the market."
Author: Adrienne Hersch Media Team