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Monday, September 28, 2009

No reduction in Interest rates Sept 09

The decision not to reduce the Repo Rate is actually a "show of confidence" in the slow turning of the markets (in a positive manner). It is also "a deterrent to keep people from over reacting and further indebting themselves" says Rod de Witt a debt counsellor from Cape Town.

With the rate being as low as it has gone at any time during the last 10 years (the central bank has already cut the repo rate down to 7.0 percent to help revive the ailing economy) it was no big suprise when the announcement was made that there would be no change in the present rate.

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