August 2007 Interest Rate Hike
Posted by propertysouthafrica on August 17, 2007
The South African Reserve Bank has increased the repo rate by 50 basis points, bringing it to 10%. The new rate is in effect from Friday 17 August 2007.
The four major commercial banks have followed suite and raised the interest rate to 13.5%.
This hike is due to continued high inflation, high oil prices, etc.
