Another interest rate hike has slapped us on the rear! Tito Mboweni announced that the reserve bank was to raise the repo rate by 50 basis points to 11.5% thereby increasing South Africa's interest rate to 15%.
Not all bad news though! For those of you putting in a little extra every month, the interest you earn on your money has just been raised by another .5%.
South Africa's Current Interest Rate is now 15%.