South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to keep the interest rate at its current level on Thursday. Image: AdobeStock
BREAKING: SA Reserve Bank shocks with 50 basis point interest rate hike
South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to hike interest rates in the country by 50 basis points on Thursday.
South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to keep the interest rate at its current level on Thursday. Image: AdobeStock
South African Reserve Bank’s (SARB’s) Monetary Policy Committee voted to hike interest rates in the country by 50 basis points on Thursday.
MUST READ | DEVELOPING STORY: Constantia mass murder – police on scene
This will take the repurchase rate to 8.25% and the the prime lending rate to 11.75%, effective Friday, 26 May.
The decision was reportedly unanimous.
ALSO READ | SA Tourism shows slight recovery after Covid-19 pandemic
The latest rate hike brings the total increase to 475 basis points since November 2021.
MUST READ | These 10 products have seen the greatest price hike in the last 12 months
On a new home loan of R2 million at ‘prime’, the latest increase hikes the monthly instalment by R689.
Since November 2021, monthly payments on a R2 million home loan are now almost R6 189 more expensive.
ALSO READ | World’s richest man loses R216 billion in 24 hours as LVMH stock dips
Rates are at their highest point in nearly 14 years – since June 2009 – when the fallout from the global financial crisis weighed on the local currency.
FEEL GOOD | Rouvaun Smit leaves hospital to continue recovery at home
More to follow …
IN CLOSING | Ice cream prices in SA hiked 28% in the last 12 months
