Prime Interest Rate Archives

Reserve Bank cuts interest rates by 0.25% bringing much-needed relief to South Africans

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has decided to cut the interest rate by 25 basis points (bps) for the first quarter of 2025. The repo rate was cut by 25 bps and will fall from 7.75% to 7.50%. This means the prime lending rate will also drop from 11.25% to 11% This is the third consecutive cut by the MPC after a 14-year high. In September the Reserve...

Make it a 50bps cut, property sector urges SARB ahead of today’s interest rate announcement

The property sector has come out in strong support of a robust and decisive interest rate cut, while some believe a 25bps cut this week is a given, others say it should be no less than 50bps to make some impact on the lives of South Africans.Samuel Seeff, chairman of the Seeff Property Group, says the Reserve Bank must consider a minimum 50bps to counter decreasing growth and unemployment risks.“The time...

Devastation predicted for South Africans hoping for a year of major interest rate cuts – but it’s not all gloom

Some economists do not believe there will be significant interest rate cuts this year with some predicting a maximum of a mere 50 basis points (bps) cuts for the entire year of 2025 and others even predicting only one rate cut.The last cut came in November last year when the South African Reserve Bank (SARB) cut the interest rate by 25 basis points.The interest rate fell from 8% to 7.75%. This meant that...

South Africans are holding on to their money, hoping for an interest rate cut this week

South African consumers are holding on to their money, being cautious about property purchases and not taking on more lending, according to economists.A possible rate cut this week on Thursday could give consumers impetus to start spending but it still wouldn’t be enough to see a drastic uptick in home buying, says Standard Bank's head of Home Services Toni Anderson.This is despite the property market...

SA Reserve Bank cuts interest rates by 0.25% as upper middle class’ debt pinch begins to sting

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has decided to cut the interest rate by 25 basis points for the fourth quarter of 2024. The repo rate was cut by 25 bps and will fall from 8% to 7.75%. This means the prime lending rate will also drop from 11.5% to 11.25%. The repo rate had been on a 14-year high before the MPC made a much needed cut in September. This had...

Property sector furious with SARB announcement on interest rates in SA

The property sector is up in arms following the South African Reserve Bank (SARB) governor, Lesetja Kganyago’s announcement to keep interest rates in the country unchanged. This comes after the SARB’s monetary policy committee (MPC) met this week to decide on the country’s repurchase rate (repo rate), with the outcome, remaining at the 14-year high of 8.25%. Regional Director and CEO of RE/MAX of...