Credit interest rate changed

Published May 14, 2016

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The prescribed rate of interest increased from 10.25 percent to 10.5 percent a year on May 1. This is in terms of a notice published in the Government Gazette on April 22 by the Minister of Justice and Correctional Services.

The Prescribed Rate of 
Interest Act prescribes the maximum rate of interest that may be claimed by a creditor in respect of interest-bearing debts where the rate of interest is not governed by another law, agreement or trade custom.

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