Reserve Bank cuts repo rate
There has been some welcome relief for indebted South Africans with the Monetary Policy Committee (MPC) cutting the repo rate by 25 basis points to 6.5%.
The repo rate cut places the prime lending rate at 10%, down from 10.25%
The announcement was made by the South African Reserve Bank Governor Lesetja Kganyago on Thursday afternoon.
The MPC decision has been welcomed by many economists.
CEO of FNB Gold Segment Robert Gwerengwe has however cautioned customers to continue paying off their debts as if nothing has changed.