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Johannesburg - South Africa's major banks announced a reduction in their prime overdraft and mortgage rates on Tuesday after the Reserve Bank's Monetary Policy Committee announced it was reducing the Repo rate by 100 basis points to 9.5%.
Nedbank and Standard Bank announced a 100 basis
point decrease in their prime overdraft rate, their vehicle and asset finance rate and mortgage rate from 14% to 13%.
Nedbank said the interest rate for both new and existing vehicle and asset finance loans as well as new and existing home loans will decrease with effect 25 March 2009.
Go Banking, a division of Nedbank Limited, will also decrease its prime overdraft rate from 14% to 13% effective 25 March 2009.
Standard Bank said its rates would also decrease from the same date.
Peter Schlebusch, Standard bank CEO Personal and Business Banking South Africa said: "We have a great deal of empathy with customers who are experiencing financial strain and therefore welcome the news of the 100 basis points cut in the repo rate. We will be passing on this cut to our customers almost immediately with the new rate becoming effective Wednesday 25 March."
- I-Net Bridge