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South Africa reviews prime rate used to price R6.2trn of credit | SA News

South Africa is reviewing the main reference rate commercial banks use to price trillions of rands of loans to clients.

The South African Reserve Bank is working on the prime lending rate, it said by email. The measure has been fixed at 350 basis points above the country’s monetary policy rate since 2001. There are no timelines yet, the central bank said in response to questions.

Lenders typically price loans using the prime rate as a reference, with premiums or discounts to the measure depending on the cost of funding, risk appetite and the creditworthiness of clients. Gross loans and advances extended by…

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  1. Voetsek! – Go away! [foot-sak] Usually said with an angry tone when telling someone to go away or get lost. You don’t want to be saying this to a local or worse, if a local says this to you – you’ve really angered them!

  2. Fun South African Fact: South Africa is now the only country in the world to have hosted the Soccer, Cricket and Rugby World Cup!