Economists welcome interest rate hike
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Economists have welcomed the latest interest rate hike.
Reserve Bank Governor, Lesetja Kganyago, announced yesterday that the interest rate would increase by 50 basis points.
Economist Dawie Roodt believes the bank made a bold move.
The increase means the rate at which the central bank lends money to commercial banks will rise to 6.75 percent. It also takes the prime interest rate, which banks charge South Africans for loans, to 10.25 percent.
Roodt explains what this means for the man on the street.
Reserve Bank Governor, Lesetja Kganyago, announced yesterday that the interest rate would increase by 50 basis points.
Economist Dawie Roodt believes the bank made a bold move.
The increase means the rate at which the central bank lends money to commercial banks will rise to 6.75 percent. It also takes the prime interest rate, which banks charge South Africans for loans, to 10.25 percent.
Roodt explains what this means for the man on the street.
