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