“As expected, the Monetary Policy Committee meeting today (18 July 2024) announced that the repo rate would again hold steady at 8.25%, with the prime lending rate therefore remaining at 11.75% - for the seventh consecutive meeting.

First National Bank (FNB) will increase its prime lending rate by 0.25% from 9.25% to 9.50% following the decision earlier today by the SARB Monetary Policy Committee (MPC) to increase the repo rate.