Published: 20 July 2017

SA Reserve Bank governor Lesetja Kganyago announced on Thursday that the Monetary Policy Committee has decided to cut the interest rates.

"The MPC has decided to reduce the repurchase rate by 25 basis points with effect from 21 July 2017, to 6.75% per annum," said Kganyago. "Four members preferred a reduction, while two members preferred an unchanged stance."

The repo rate is the interest rate at which the SARB lends money to commercial banks. The cost of borrowing is now 10.25%.
- fin24

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