Johannesburg - Absa bank on Thursday announced that its lending rates would remain unchanged.
On its official Twitter account, (at)Absa, the bank wrote: “#AbsaAlert: The #RepoRate stays unchanged at 5.75 percent and the prime lending rate remains steady at 9.25 percent.”
The First National Bank's lending rates will remain at 9.25 percent, the bank said on Thursday.
FNB's CEO Jacques Celliers said the decline in the value of the rand and a likely reversal of the downward trend in inflation rates may nudge the SA Reserve Bank towards a rate hike later in the year.
"Unfortunately, consumers may come under increasing pressure during April and they should take great care when taking on new loans," Celliers said.
Nedbank's interest rate will also remain unchanged following the SA Reserve Bank's announcement on Thursday that the repo rate will stay at 5.75 percent.
“Nedbank has announced that there will be no change to their current prime overdraft rate, the vehicle and asset finance rate and the mortgage rate applicable to home loans,” it said in a statement.
SA Reserve Bank governor Lesetja Kganyago said the monetary policy committee took a unanimous decision to keep the repurchase rate unchanged for now. It has remained the same since September last year, following a 25 basis points increase in July from 5.5 percent.
Sapa