Zuko Komisa

Repo rate announcement to be made on Thursday.
South Africans will be waiting with bated breath to hear the South African Reserve Bank (SARB)’s decision on what the new repo rate will be.
The repo rate refers to the rate at which the South African Reserve Bank lends money to private banks, it also dictates how much people pay on existing loans for (credit cards, home and car loans).
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SARB has increased the repo rate ten times in a row, totaling 475 basis points since November 2021.
The repo rate currently stands at 8.24 percent, the highest in 14 years.
The Reserve Bank is expected to announce a decision on the repo rate on Thursday.
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The National Executive Council (NEC) was concerned that rising interest rates were eradicating the disposable income of millions of South Africans, according to ANC secretary general Fikile Mbalula.
He was speaking when he was briefing the media on the outcomes of the NEC meeting and the Election Manifesto Review and claimed that this pattern slowed consumer spending, which was essential for economic expansion.
“The NEC therefore directed the minister of finance to urgently hold discussion with the South African Reserve Bank as mandated by the Constitution to explore other measures to manage the current economic challenges other than raising interest rates.” said Mbalula
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