When referring to the official interest rate in South Africa, you would typically look to the South African Reserve Bank (SARB), which is the country’s central bank. The SARB sets the repo rate, which is the benchmark interest rate in South Africa.
The official interest rate can vary depending on the country or region you are referring to. In the context of SARS (South African Revenue Service), it is a tax authority in South Africa and not directly associated with setting interest rates. The repo rate in South Africa is 3.5%.
It’s essential to note that interest rates are subject to change over time as central banks regularly review and adjust them based on economic conditions, inflation targets, and other factors.
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