Lending rates lowered by 25 basis points

The South African Reserve Bank’s Monetary Policy Committee lowered the key monetary policy interest rate – the repurchase, or repo rate – by 25 basis points from 6,75% to 6,50% per annum at the March 2018 MPC meeting. 

Based on the latest cut in the repo rate (the rate at which commercial banks borrow funds from the Reserve Bank), Absa announced that its prime lending and variable mortgage interest rates will be lowered from 10,25% to 10,00% per annum, effective from 29 March 2018.

Read more here: Absa – Interest Rate Cut – 28th of March 2018