Along with many South Africans, BondExcel has been pleasantly surprised at the Reserve Bank Monetary Policy Committee’s decision to cut the repo rate by another 100 basis points, after a similar-sized cut less than a month ago, on 19 March. This takes the repo rate down to 4.25% and the prime lending rate to 7.75% from 8.75%.

We are happy to inform you that we’ve managed to get some feedback from our banking partners regarding much needed payment holidays and debt relief for customers. Some banks will be doing formal press releases in the coming days, but they have given us the go-ahead to share the information with you in the meantime.

President Cyril Ramaphosa signed the new Electronic Deeds Registration Systems Bill into law on 19 September 2019. This new Act will enable property transactions to be processed electronically and instructs the Chief Registrar of Deeds to develop, establish and maintain such an electronic deeds registration system using information and communications technologies for the preparation, lodgement, registration, execution and storing of deeds and document, says law firm Wright Rose-Innes.

Status Quo on Interest Rates

Despite the urgent need to stimulate economic growth and job creation, the Monetary Policy Committee of the Reserve Bank has decided to leave interest rates as they are, at least until November.