Prime lending rate drops to 12%

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Thursday, 30th April 2009 at 3:59 pm by Rander

Prime lending rate drops to 12%

Some good news going into the long weekend. The South African Reserve Bank’s monetary policy committee (MPC) has cut the key repo rate by 100 basis points. This brings the rate down to 8.5%, with the prime lending rate dropping to 12% from 13%, with effect from May 4. The repo rate is the rate at which the central bank lends to other banks, while the prime lending rate is the benchmark rate at which banks lend to customers. Since December 2008, interest rates have come down by a total of 350 basis points.

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