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Pain for consumers as SA hikes rates

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Cape Town - Jingle Bells are sounding more like alarm bells for over-indebted South Africans as the SA Reserve Bank's (Sarb) monetary policy committee (MPC) hiked interest rates by 25 basis points on Thursday.

SARB governor Lesetja Kganyago announced that the repo rate, the rate at which the SARB lends money to commercial banks, increased to 6.25%.

This takes the prime lending rate to 9.75%.

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