SUPRISE CUT IN
The South African Reserve Bank surprised markets with an interest rate cut on Thursday, 20 July 2017.
The news that the Reserve Bank cut the repo rate to 6.75% from 7%, will be positively greeted and cheered by many home buyers and those with mortgages.
This is a 25-base point reduction in the repo rate, which has taken effect from 21 July 217, to 6.75% per annum.
Furthermore, the prime lending rate will drop from 10.5% to 10.25%, offering some support to consumers.