JOHANNESBURG – Economists have said that the decision by the South African Reserve Bank to reduce its repurchase rate by 25 point basis would bring some much-needed relief to consumers.
"Following a contraction in GDP during the first quarter, we look forward to improved conditions later in the year based on expectations of a good rebound and this, coupled with lower interest rates, may aid the anticipated recovery." John Jack, chief executive commercial real estate consultancy Galetti Corporate Real Estate, said the interest rates cuts will boost the country’s flagging economy, but warned that it may not stem the tide against falling property values.
"The announcement is good news for workers forced to tighten their belts to the limit as relentless price increases eat away at what is left of their hard-earned disposable income," Mazhindu said.
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