Reserve Bank cuts Repo Rate

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Reserve Bank cuts Repo Rate

Mandy Wiener

Reserve Bank Governor Tito Mboweni has announced a 100 basis point cut in the Repo Rate to 10.5%.

This means interest rates have dropped to 14%.

Economists had predicted that there would be a cut but forecasts varied on just how much rates would come down by.

Consumers will welcome the bank’s decision, especially on the back of this month’s petrol price hike.

The Repo Rate is the rate at which the Reserve Bank lends money to financial institutions.

EWN

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