budget speech day 2024
Put it in your diary, here’s budget speech day 2024. Image: File

Home » REMINDER: When is the next interest rate announcement?

REMINDER: When is the next interest rate announcement?

The next interest rate announcement is scheduled for Thursday, 21 September with South Africans no doubt nervous at its outcome.

budget speech day 2024
Put it in your diary, here’s budget speech day 2024. Image: File

The next interest rate announcement is scheduled for Thursday, 21 September at 15:00 with South Africans no doubt nervous at its outcome.

ALSO READ: ‘SA food prices are TOO high,’ says Competition Commission

NOTE: This is an updated version of a previous article following confirmation of the next announcement date

As a reminder, the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) voted to keep interest rates on hold at the most recent decision taken on 20 July.

FOR THE LATEST BUSINESS NEWS VISIT THE SOUTH AFRICAN WEBSITE

That announcement came as relief to South Africans, particularly those with home mortgages.

As a reminder, the country’s repurchase rate stands at 8.25% while the current prime lending rate is 11.75%.

WIN | BUMPER Rugby World Cup 2023 QUIZ | FIVE answers could win you R1 000 in cash!

Since the most recent announcement, the rand has weakened significantly and petrol and diesel prices skyrocketed in early September and are on track to rise further in early October, as reported by The South African website.

MONEY MATTERS | FOUR of Africa’s wealthiest cities are in South Africa

A REMINDER OF MONTHLY BOND REPAYMENTS AT THE CURRENT INTEREST RATE

The table below shows the current monthly bond repayments on various bond values assuming no deposit and that repayments are at prime (11.75%):

Bond value (20 years)Monthly cost
R750 000R8 128
R800 000R8 670
R850 000R9 212
R900 000R9 753
R950 000R10 295
R1 000 000R10 837
R1 500 000R16 256
R2 000 000R21 674
R2 500 000R27 093
R3 000 000R32 511
R3 500 000R37 930
R4 000 000R43 348
R4 500 000R48 767
R5 000 000R54 185