MPC | Repo rate cut by 25 basis points

Some good news for indebted consumers. The Reserve Bank has cut the repo rate by 25 basis points -- in line with expectations. The repo rate is now 7.75%, while the prime lending rate - the basic rate of interest that commercial banks charge their clients - goes down to 11.25% This will bring some relief as debt repayments will go down, but for those with savings, the interest they earn from their money being in the account, will be less. For more news, visit sabcnews.com and #SABCNews on all Social Media platforms.