The South African Reserve Bank makes another repo rate cut

Written by on 22 May, 2020

The South African Reserve Bank has cut the repo rate by another 50 basis points.

The announcement was made by Reserve Bank Governor Lesetja Kganyago at a media briefing. Last month the central bank cut the repo rate by 100 basis points.

The cut is expected to give a big relief to businesses and consumers at a time when a large part of the economy is still under lockdown.

Meanwhile First National Bank says the South African Reserve Bank’s latest repo-rate cut is a perfect opportunity for potential homeowners to purchase property.

The central bank’s announcement¬† will take the repo-rate to three point seven-five percent with commercial banks’ prime lending rate dropping to seven point two-five percent.

FNB’s head of Home Finance, Buyisile Maseko, says there has never been a better opportunity to invest in property than right now.

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By: Zilungile Mkhize

Gagasi FM

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