The economic impact of the lockdown has been crippling on our economy. As part of the monetary policy to help boost the economy, the Reserve Bank has made a number of rate changes to the repo rate this year. As the interest rates are linked to the repo rate, banks and other suppliers of credit have reduced lending rates accordingly.
SARS has also amended their interest rates for the various categories as per the prescribed acts. Accordingly, we have summarised the various changes during the year so that you can, at a glance, see the impact. These tables are set out below.
It is the hope of SARS that by doing this the economy will stabilise and become maintainable. Should you require further assistance with regards to the above, please do not hesitate to contact our offices for professional advice.
*PFMA – Public Finance Management Act