South Africa's Reserve Bank Holds Rates at 6.75% as Rand Wobbles on Oil Shock

The South African Reserve Bank held its repo rate at 6.75 percent, citing inflation risks from higher energy costs after the rand slid toward 17 per dollar on oil prices and Middle East tensions. As the main remittance hub for the SADC region, South Africa is bound by G20 and regional targets to push cross-border transfer costs below 5 percent.

What this means for you: if you send money within Southern Africa, watch for fee reductions on formal corridors, and note that a softer rand stretches recipients’ local spending.