AF - May 2020

Author:  Reserve Bank
21 May 2020

REPO RATE AMENDMENT BRINGS INTEREST RATE CUTS

The Reserve Bank’s Monetary Policy Committee announced just now that it has decided to cut the interest rate for the fourth time this year, from 4.25% to 3.75%.

As a result of the cut, the prime lending rate will fall from 7.75% to 7.25%.

This will in turn bring the bank interest rates down, and provide some much needed relief for consumers.