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Following the cut in the repo rate of 100 basis points by the SA Reserve Bank, Standard Bank and Absa said they would drop their prime lending rate. "The prime lending rate will decrease from 15.00 percent to 14.00 percent effective from Friday 6 February 2009," Standard Bank said. Absa said that "due to market conditions and the decrease in the repo rate from 11.50 percent to 10.50 percent," it would reduce its prime overdraft rate by 1.00 percent to 14.00 percent effective from 6 February 2009. Absa also announced that its mortgage rates would be decreased by 1.00 percent to 14.00 percent effective from 6 February 2009. Sapa
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