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Kganyago announces repo rate cut to 6.25%

16 January 2020 3:13 PM
Tags:
South African Reserve Bank
Sarb
Repo rate
interest rate
South African Reserve Bank Governor Lesetja Kganyago
The decision follows this week's Monetary Policy Committee meeting.

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%


16 January 2020 3:13 PM
Tags:
South African Reserve Bank
Sarb
Repo rate
interest rate
South African Reserve Bank Governor Lesetja Kganyago

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