SARB Prime Rate is the underlying rate for loans provided by commercial banks to their clients. The rate is set by the South African Reserve Bank.
The value directly depends on the repo rate, which serves as one of the main monetary policy measures used by the Reserve Bank to control the strength of the national currency. Typically, the Prime Rate is estimated at 3.5 basis points above the repo rate.
Low savings and high inflation push the interest rate up to a level not lower than the current and expected inflation.
Interest rates are used by the Bank to control inflation. When rates increase, loans become less affordable to the population, less money circulate in the economy and thus the value of the South African rand increases. Conversely, a cut in rates may increase lending to population and move currencies down.
The chart of the entire available history of the "South African Reserve Bank Prime Rate" macroeconomic indicator.
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