South African consumers took another hit on Thursday as the Reserve Bank’s (SARB) Monetary Policy Committee meeting hiked the repurchase rate by 50 basis points.
This was announced by SARB governor, Lesetja Kganyago, taking the repo rate from 7.25% to 7.70%.
This now means that the prime lending rate in the country will increase from 10.75% to 11.25%.
The central bank has been on an aggressive trend of hiking the rate in a bid to help curb inflation, which saw the previous eight meetings by the committee voting for an increase.
dailyvoice@inl.co.za