What is a repo rate?

Author
MyProperty
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The repo rate is set by the Reserve Bank’s Monetary Policy Committee and is the rate at which it lends money to the country’s commercial banks.

How does this impact you?

When the repo rate goes up the commercial banks and other lenders put up their interest rates. This means that the cost of borrowing money increases - if you don't have a fixed interest rate, your monthly installments on your loans will also increase.