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How changes in the interest rate affect your money

Maya Fisher-French

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the repo rate increased from 4.25% to 4.75% and the prime lending rate increased from 7.75% to 8.25%. Photo: File

the repo rate increased from 4.25% to 4.75% and the prime lending rate increased from 7.75% to 8.25%. Photo: File

PERSONAL FINANCE

Last week, the SA Reserve Bank increased interest rates by 50 basis points. This meant the repo rate increased from 4.25% to 4.75% and the prime lending rate increased from 7.75% to 8.25%.

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