South Africans should expect to pay more on interest rates following the decision by the Reserve Bank to raise the repo rate by 25 basis points, to 3.75%. Reserve Bank Governor Lesetja Kganyago said three members of the Monetary Policy Committee (MPC) preferred an increase, with two preferring rates to remain steady. This is the first rate increase since 2018 and is likely to create a financial distress as rate increases have financial implications for individuals and households, including vehicle and bond repayments. Dick Forslund is a senior economist at Alternative Information and Development Centre, he joins us virtually to talk about the effects of the MPC's decision.
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