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Relief for indebted consumers as repo rate stays the same

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Cape Town - The decision to keep the repo rate unchanged means that deeply indebted consumers can breathe a huge sigh of relief, but it is also a little too late for many South Africans, according to debt experts.

South African Reserve Bank (Sarb) governor Lesetja Kganyago announced no change in the interest rate on Thursday. The repo rate, which is the interest rate at which the Sarb lends money to commercial banks, remains at 7%, while the cost of borrowing stays at 10.5%.

“The decision was not unexpected but that is was nonetheless good news," said Debt Rescue CEO Neil Roets in a statement.

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