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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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