NEW: Reserve Bank Hikes Repo Rate By 50 Basis Points

South African Reserve Bank (Sarb) governor Lesetja Kganyago said on Thursday the bank would increase the repo rate by 50 basis points.

This means the repo rate, which is the rate at which the Sarb lends money to banks, will rise to 6.75%.

The prime lending rate, the figure charged by banks to customers, will increase to 10.25%.


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