SA Citizens Are to Experience the Pain of Mounting Debt in the Coming Weeks
Interest rates will be on the rise next week making it difficult for ordinary citizens to fulfill basic necessities and make ends meet as monthly repayments would increase in line with the rate hikes.1 Various analysts and researchers who specialize in finances have stated that this began with another increase, making it the tenth consecutive hike to the rate cycle, which began two years ago in November 2021.2 The next hike is expected to be announced by the South African Reserve Bank (SARB) Monetary Policy Committee (MRC) on the 25th of May.3 In its latest Weekly Review, the Bureau for Economic Research (BER) said that it still suspects the SARB to hike the repo rate by 25 bps next week; however, a surprise 50 basis point hike cannot be ruled out, especially if the rand does not strengt...