Bazothwala Kanzima Abanezikweleti

Written by on 25 May, 2023

By: Lindelani Mbatha

Economist Dante Mashile says the 50 basis points increase of repo rate by the reserve bank will have a major impact on consumers.

South African Reserve Bank governor Lesetja Kganyago announced the rate hike following the conclusion of the bank’s third Monetary Policy Committee meeting this year.

The decision was unanimous among the five members of the MPC.

This is the 10th increase in 18 months and takes the prime lending rate of commercial banks to 11.75%.

Mashile says the decision will make the country’s outlook not to stabilise.

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