South African Reserve Bank (SARB) Governor Lesetja Kganyago has announced that the repurchase rate (repo rate) has reached 7.75% after the Bank’s Monetary Policy Committee (MPC) agreed to a 50 basis points increase.
As a result, the prime interest rate will now move up to 11.25%.
Kganyago announced this at a press briefing on Thursday afternoon.
President Cyril Ramaphosa has reiterated that government is taking steps to professionalise the public service across all spheres.
President Cyril Ramaphosa has reaffirmed government’s commitment to fighting poverty and providing support to those who are unemployed as a core responsibility of the State.
Cabinet has joined the Minister of Electricity, Dr Kgosientsho Ramokgopa, in recognising that Eskom employees are key to solving the country’s energy challenges.
As government continues to mobilise all available resources to assist Port St Johns communities to recover from extensive damage caused by recent flooding in the area, Cabinet says the role of science, technology and innovation in disaster mitigation has become more critical.
Cabinet has approved for submission to Parliament the Draft Electricity Amendment Bill aimed at strengthening the role of the National Energy Regulator of South Africa.
Cabinet has granted concurrence for the Minister of Communications and Digital Technologies, Mondli Gungubele, to gazette the analogue switch off date for South Africa.
Cabinet has commended the confidence displayed in South Africa through the historic State Visit of His Majesty King Philippe and Her Majesty Queen Mathilde of The Kingdom of Belgium, at the invitation of President Cyril Ramaphosa.
Mineral Resources and Energy Minister, Gwede Mantashe, says the Energy Action Plan (EAP) that government has implemented to address the electricity crisis is beginning to make progress.
Following the daring escape of convicted murderer and rapist, Thabo Bester, from the Mangaung Correctional Centre in the Free State, Correctional Services National Commissioner, Makgothi Thobakgale, has announced the appointment of a Temporary Manager for the facility.
