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The Latest Debtfree DIGI

Thursday, May 28, 2009

Drop in Repo Rate May 09

The Reserve Bank's Monetary Policy Committee (MPC) cut the repo rate by 100 basis points down to 7,5% this week.

In response all four major South African retail banking groups - Standard Bank, First National Bank, Nedbank and ABSA announced that they would be reducing prime and home loan rates by 100 basis points from 12% to 11% with effect from Friday.


Good news for consumers in debt.

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