Tag: FNB

The South African Reserve Bank’s decision to keep the repo rate unchanged at a record low of 3.5% and prime lending rate at 7% eases pressure on the ailing economy and debt burden for businesses and consumers.  This will help to support SMEs who continue to struggle financially due to the persistent impact of COVID-19, while trying to recover as quickly as possible.

Given the dire economic circumstances, coupled with ongoing challenges facing businesses, it has never been more important for employees to be prepared both from a financial and personal perspective to deal with unprecedented changes, while still maintaining focus at work.

Following the recently announced rules from the Payments Association of South Africa (PASA) to reduce the maximum value of cheque limits to R50,000, businesses are urged to adopt electronic banking channels.

South Africa’s economy contracted by -0.7% qq (seasonally adjusted and annualised) in 2Q18, the second consecutive contraction, which confirmed that the country entered a technical recession in the second quarter.