Interest rates pushed up!

LESETJA Kganyago, governor of the Reserve Bank, yesterday an­nounced a hike in the repo rate to 6,75%. This means the prime lending rate will now be 10,25%.

The rand strengthened as Kganyago was speaking.

Ahead of the announcement, debt experts warned that a hike in interest rates would be devas­tating for consumers.

DebtBusters CEO Ian Wason said consumers must find other ways to pay monthly expenses in­stead of taking out loans.

Debt Rescue CEO Neil Roets warned that the rate increase will translate into higher prices for all commodities, including food.

“There is also a strong likeli­hood that maize meal may in­crease by as much as 50%,” said Roets.” – NEWS24

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