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What does repo rate mean?

The repo rate is the rate at which the South African Reserve Bank lends to commercial banks.

Banks lend at a rate that is slightly higher than the repo rate, to cover their basic profit margin. This is known as the prime lending rate.

The SARB adjusts the repo rate when they meet every few months.

The last time they increased it was in May 2023, when it was bumped to 8.25%, making the prime lending rate 11.75%

Since then, the SARB has left the rate untouched, and experts believe this trend will continue.

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