Tebogo Msimanga |
The South Africa Reserve Bank announced on Thursday that the repo rate will remain unchanged at 3.5%. This means the prime lending rate remains at 7%.
FNB Business Regional Head Andiswa Bata said whilst there has been no change, it is important to consider that they started 2020 with the prime lending rate at 10
“If implemented successfully, we should also see improved prospects for local businesses following the President’s economic reconstruction and recovery plan. The impact of COVID-19 does create a great deal of uncertainty for local businesses.” Highlighted Bata.
Bata added that it’s important for businesses to continue to manage costs, try to maintain a cash buffer and seek to offer the best possible products and services to customers.