Repo rate cut by 50bps

supersunbird

supersunbird

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Repo rate cut by 50bps

The South African Reserve Bank (Sarb) cut its repo rate by another 50 basis points to 3.75% on Thursday, taking the prime commercial lending rate to 7.25%.

Sarb governor Lesetja Kganyago announced the decision following the bank’s three-day Monetary Policy Committee (MPC) meeting in Pretoria.

This takes the bank’s total repo rate cuts this year to 275 basis points or 2.75%, as it slashes rates in the face of Covid-19 economic fallout. The latest MPC meeting follows the bank calling an emergency MPC in April, where it announced a surprise 100-basis point cut.
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www.moneyweb.co.za

Repo rate cut by 50bps

Relaxing rates further in face of Covid-19 economic fallout.
www.moneyweb.co.za www.moneyweb.co.za
 
At this rate my big house will cost as much as my tiny townhouse cost me 11 years ago pm :-)
 
Is now a good time to to buy a place?will rates go any lower and how quickly will it go up again?
 
McT said:
Good news for most. For those relying on a higher interest rate for income, I do feel sorry for them :(
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I.e. getting unearned income. Nope, don't feel sorry for them.
To be clear, there is a difference between saving money and getting interest just to keep up with inflation (unfortunate by-product of a parasitic financial system) and investing money just to earn interest as an income. The latter parasites can get rekt, hopefully the former don't lose.
 
Techne said:
I.e. getting unearned income. Nope, don't feel sorry for them.
To be clear, there is a difference between saving money and getting interest just to keep up with inflation (unfortunate by-product of a parasitic financial system) and investing money just to earn interest as an income. The latter parasites can get rekt, hopefully the former don't lose.
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Yoh, you either hate retirees or think they must all be landlords and/or all be invested in shares and bonds or both?
 
McT said:
It is supplemental income for many pensioners who are no longer able to work.
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I think they fall into the former category:
To be clear, there is a difference between saving money and getting interest just to keep up with inflation (unfortunate by-product of a parasitic financial system) and investing money just to earn interest as an income. The latter parasites can get rekt, hopefully the former don't lose.
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supersunbird said:
Yoh, you either hate retirees or think they must all be landlords and/or all be invested in shares and bonds or both?
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Or a third option.
The current financial system is totally fcked up and unfortunately retirees suffer from it.
 
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