What could SA's upcoming interest rate cut mean for the Rand and people moving money internationally?
--:--
GUEST - Harry Scherzer, CEO, FutureForex
On 18 September, the Reserve Bank is set to cut interest rates for the first time since the height of the COVID-19 pandemic. The decrease, which will come as welcome news to heavily indebted consumers, follows a series of increases designed to curb inflation and which resulted in interest rates hitting a 15-year high of 8.25% in May last year.
As welcome as the rate cut will be to anyone paying off a home, car, or student loan and to those with credit card or store debt, it has other implications too. At least some of these implications will impact individuals and businesses moving large sums of money internationally.
On 18 September, the Reserve Bank is set to cut interest rates for the first time since the height of the COVID-19 pandemic. The decrease, which will come as welcome news to heavily indebted consumers, follows a series of increases designed to curb inflation and which resulted in interest rates hitting a 15-year high of 8.25% in May last year.
As welcome as the rate cut will be to anyone paying off a home, car, or student loan and to those with credit card or store debt, it has other implications too. At least some of these implications will impact individuals and businesses moving large sums of money internationally.