Kganyago announces repo rate cut to 6.25%

JOHANNESBURG - South African Reserve Bank (Sarb) Governor Lesetja Kganyago on Thursday announced that the repo rate will be reduced to 6.25%.

The repo rate is the rate at which the central bank lends money to commercial banks.

The decision follows this week's Monetary Policy Committee meeting.

In July last year, the bank reduced the repo rate by 25 basis points to 6.5% and it was kept unchanged in September and November.

The prime lending rate, the figure charged by banks to customers, has been cut to 9.75%.


This article first appeared on EWN : Kganyago announces repo rate cut to 6.25%


Recommended

by NEWSROOM AI
Read More
Lesufi: Enoch Mpianzi's death will be investigated

Lesufi: Enoch Mpianzi's death will be investigated

Enoch Mpianzi (13), a Parktown Boys' High learner, drowned during what has been described as a water activity in a river at a lodge while on a school camp on Wednesday.

Old Mutual wins appeal against Peter Moyo reinstatement

Old Mutual wins appeal against Peter Moyo reinstatement

Judgment was handed down on Tuesday morning and the application was dismissed with costs.

Jabu Mabuza resigns as Eskom chair

Jabu Mabuza resigns as Eskom chair

In a statement released by the Presidency, Cyril Ramaphosa noted that Jabu Mabuza had tendered his resignation on Friday 10 January 2020.

World Bank cuts SA's growth forecast over load shedding - report

World Bank cuts SA's growth forecast over load shedding - report

It now expects the economy to expand by 0.9% this year.

Load shedding back from 9pm

Load shedding back from 9pm

Eskom says load shedding is at night to minimise the impact of power cuts by not affecting the working day.

READ: Education Minister on the class of 2019

READ: Education Minister on the class of 2019

Basic Education Minister Angie Motshekga announced that the matric class of 2019 had achieved a pass rate of 81.3%, from 78.2% in 2018.

Popular articles
Earn R4500+ per month by renting out your car to Uber drivers

Earn R4500+ per month by renting out your car to Uber drivers

Flexclub pays you to rent out a car you don’t use to Uber drivers struggling to obtain finance, says cofounder Tinashe Ruzane.