South African Reserve Bank Governor Tito Mboweni has raised the repo rate, at which the South African Reserve Bank lends money to banks, by 50 basis points to 11,5% following a two-day meeting of the bank's monetary policy committee. The prime overdraft rate therefore increases to 15%.
The Western Cape's economy remains extremely healthy, although some factors are hampering accelerated growth. This is one of the key findings of the new Sake24 Western Cape Barometer (WCB) launched in Cape Town on Monday. The WCB is a unique statistical index that measures business activity in the province.