NEWSFLASH Repo rate amendment brings interest rate cuts

The Reserve Bank's Monetary Policy Committee announced this afternoon that it has decided to cut the repo rate by 25 basis points, from 6.75% to 6.50%.

This is the first time since March 2018 that the benchmark interest rate has been cut.

This will in turn bring the bank interest rates down, and provide some much needed relief for consumers. It should also stimulate demand in the property market, effectively making it easier to afford mortgage loan repayments.