Picture: SARB/X
There’s largely been positive reaction to the Reserve Bank’s decision to cut interest rates.
The Reserve Bank’s Monetary Policy Committee has cut the repo rate by 25-basis points, for the first time since the Covid-19 pandemic in 2020, bringing the rate down to 8%.
While the prime lending rate has been cut to 11.50%.
Reserve Bank governor Lesetja Kganyago told the media yesterday that the decision to cut rates was unanimous.
GOOD’s secretary-general, Brett Herron, says South Africans, who are deeply indebted, have experienced years of increased and high interest rates.
ActionSA’s, Alan Beesley, says while this is a positive step, there is room for bolder action, especially considering the severe financial strain faced by many households.
But the EFF has taken an opposing view.
The party’s Leigh-Ann Mathys says the bank is being extremely conservative, and should’ve dropped the rates more aggressively.
