Repo rate increase | The poor bear the brunt in the truest sense: Meleney Berry-Kriel

Repo rate increase | The poor bear the brunt in the truest sense: Meleney Berry-Kriel

The Reserve Bank has yet again hiked the repo rate in its bid to bring inflation under control. The Monetary Policy Committee hiked the repo rate by 75 basis points to 6.25% per year. This pushes up the prime lending rate, the rate at which banks charge their customers for borrowing to 9.75%. This means if you have debt, you will be paying more money for servicing your loan.

Meleney Berry-Kriel CEO of the Viva Foundation, a Non-profit Organisation that deals with the socio-economic aspects of people hardest hit by rising repo rates and the high standard of living.

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