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If Standard Bank’s words are to come true, the South Africa Reserve Bank could be cutting the interest rate twice before the end of 2024.

Standard Bank bases these predictions on May’s election and the successful outcome it produced. There’s no denying that consumers are struggling to keep up with payments as interest rates are high.

It’s believed the cut will provide a much-needed financial boost to the country’s economy.

Arno Daehnke, CFO at Standard Bank said consumers could get some relief with a cut of 50 basis points by September already.

“We expect a continued commitment to the fiscal consolidation plan and ongoing traction to the growth-supportive reforms underway. This should support moderating inflation and monetary policy easing. We expect 100 basis points of cumulative interest rate cuts.”

IOL reports that Nedbank also predicted this line of interest rate cutting. Last month, the bank said that it expected the Reserve Bank to cut interest rates by at least 50 basis points this year.

The news of possible interest rate cuts is getting the property world excited again as lower interest rates could make owning a home more affordable.

Image credit: Freight News

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