The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to cut interest rates by 25 basis points on Thursday.
Five committee members voted to cut the rates by 25 basis points while one other favoured a 50 basis point reduction.
As a result, the repo rate now stands at 7.25% while the prime lending rate is 10.75%.
Who are the SARB’s MPC?
The South African Reserve Bank’s monetary policy committee meets every second month to announce changes – if any – to the country’s repo and prime lending rates.
The meetings in 2025 are scheduled to take place in January, March, May, July, September and November – and always on a Thursday at 15:00.
Currently, the committee comprises of six people, with Lesetja Kganyago holding the position of governor of the SARB – and the deciding vote if necessary.
Monthly bond repayment table
The table below shows the current monthly bond repayments on various bond values over a 20-year period assuming no deposit and repayments at prime.
In addition, it shows the now ‘old’ 11% repayments as well as the repayments fllowing the announcement of a 25 basis point cut as well as the monthly saving:
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