HomeBusinessRepo Rate Increase By 25 Basis Points

Repo Rate Increase By 25 Basis Points

"The MPC decided to increase the repurchase rate by 25 basis points to 7.25% per annum with effect from the 27th of January 2023. Three members of the committee preferred the announced increase [while] two members preferred a 50 basis points increase,"

Repo Rate Increase By 75 Basis Points-SurgeZirc SA
Repo Rate Increase By 75 Basis Points

The repo rate is now 25 basis points higher.

Following a meeting of the Monetary Policy Committee  (MPC) on Thursday, South African Reserve Bank Governor Lesetja Kganyago announced this.

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He said that load shedding is having a negative impact on economic growth.

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“The MPC decided to increase the repurchase rate by 25 basis points to 7.25% per annum with effect from the 27th of January 2023. Three members of the committee preferred the announced increase [while] two members preferred a 50 basis points increase,” he said.

This means that the prime lending rate will be 10.75%.

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Elize Coetzee for SurgeZirc SA
Elize Coetzee for SurgeZirc SAhttps://new.surgezirc.co.za
Elize Coetzee, a seasoned journalist, is the driving force behind SurgeZirc SA’s world news and world politics coverage. With an unwavering commitment to truth, Elize delves into global affairs, providing live updates, in-depth investigations, and thought-provoking analysis. Whether it’s geopolitical tensions, international diplomacy, or breaking stories, Elize’s incisive reporting keeps readers informed and engaged.
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