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Repo-rate reduction - South Africa

  • South Africa
  • Conveyancing for mortgage lenders

15-04-2020

The repo rate is the rate at which the South African Reserve Bank lends money to other financial institutions. The South African Reserve Bank announced yesterday that the repo rate will be reduced by a further 100 basis points or 1%. This comes soon after the previous 100 basis points reduction announced on 19 March 2020.

The result of the lowered repo rate is a decrease from 5.25% to 4.25% and the prime lending rate reducing from 8.75% to 7.75%. This is the second reduction to the repo rate this year.

The commencement date for the new repo rate will be effective from 15 April 2020.

The rand is currently trading at R18.52 per US Dollar.

Please feel free to contact us for any questions or assistance in your next property transaction, our conveyancing team will gladly assist.

Lerosha Naidoo, Senior Associate

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