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The African National Congress (ANC) welcomes the repo rate cut by Reserve Bank Governor Gill Marcus. The repo rate cut by 50 basis points to 5.5 percent will go a long way in alleviating the pressure faced by South African consumers, with many banks now set to decrease prime and home loan base lending rates.
The bold move by Governor Marcus - in just weeks before the festive season - is also good news for local retailers and a boost to the South African economy, which will see an increase in consumer spending.
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