The South African Reserve Bank (Sarb) announcement to cut its repo rate by another 50 basis points to 3.75% on Thursday, taking the prime lending rate to 7.25%, makes it far more affordable for buyers to invest in real estate during these uncertain times. The bank’s repo rate cuts this year totals 275 basis points or 2.75%, as it slashes rates during Covid-19 economic pressures.
Topics: Harcourts South Africa, repo rate cut, Buyers market, South African Markets, COVID-19
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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