The announcement was made on 20 July 2023 that, due to a lower inflation rate, the prime lending rate will remain at 11.75% which puts the recent interest rate hikes on pause.
The lower inflation rate has led to a slowing of the interest rate hikes which has consumers breathing a sigh of relief today. The current inflation rate is down from 6.3% in May to 5.4% in June which is the lowest since April 2022.
To watch the Reserve Bank announcement, please click here.
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