John pays up - without interest!

John Robbie and Financial reporter, Mashudu Masutha had a bet around the interest rates - she said it would increase by 25 basis points (6%) and he said the rates would stay on hold.

Well, John lost... R10. And was gracious enough to pay back... but without interest!

The South African Reserve Bank (Sarb) announced on Thursday that it’ll hike interest rates by 25 basis points.

The repo rate, the interest charged by Sarb to banks, will rise to six percent. The prime lending rate, the interest charged by banks to customers, will jump to 9.5%.

Click here to see find out how the interest rate hike will affect your pocket.


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