What is the Current Prime Lending Rate?

2 October, 2024

The South African Reserve Bank (SARB) has reduced the Repo Rate from 8.25% to 8%, bringing the Prime Lending Rate to 11.50%. This is the first change in the repo rate after eight consecutive meetings. The decision comes in response to a decline in consumer inflation, which dropped from 5.1% in June to 4.4% in August, falling below SARB’s midpoint target of 4.5%. Analysts are forecasting that inflation could fall below 4% by October, with economists anticipating further rate cuts in November and early 2025.

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