What does the cut in the repo rate mean for the average South African?

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Published: March 24, 2020

The cut in the repo rate lowers the rate at which commercial banks borrow from the SARB. This, in turn, lowers the interest rate set by commercial banks i.e. prime rate. Consequently, interest rates charged by banks on financial instruments such as mortgage loans, vehicle finance etc, decreases and which thereby decreases the monthly repayments on these loans.

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