Harcourts South Africa welcomes the surprise announcement by The South African Reserve Bank (Sarb) to cut the repo rate by a further 100 basis points, bringing it down to 4.25% and the Prime Lending Rate now stands at 7.75%. This is undoubtedly due to the effects on the economy by the COVID-19 pandemic in an attempt to alleviate some of the pressures South Africans face.
Topics: Richard Gray, Harcourts South Africa, repo rate, South African Markets, COVID-19
The South African Reserve Bank's monetary policy committee announced yesterday that it has voted to reduce the repo rate from 6.5% to 6.25%. Therefore the prime rate will fall to 9.75%. Although this will certainly alleviate some pressures for those in debt we are a long way from saving a vulnerable economy.
Topics: Richard Gray, Harcourts South Africa, Economy, repo rate, Market Value
The decision by South Africa’s Reserve Bank to cut its repo rate by 25 basis points to 6.5%, after the Monetary Policy Committee (MPC) meeting today, Wednesday, March 28, will provide much needed relief to the consumer who is generally highly indebted. The knock-on affects of this rate cut should take the prime lending rate of banks to 10%. International ratings agency Moody's stable outlook for South Africa certainly influenced this decision by the MPC.
Topics: Richard Gray, Harcourts South Africa, repo rate cut, repo rate
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