INCREASED INTEREST RATE

 

*LEGAL UPDATE*

Dear all,

On 09 October 2020, the Minister of Justice and Correctional Services published an increased prescribed rate of interest (legal interest), for the purposes of Section 1(1) of the Prescribed Rate of Interest Act (“the Act”).

The rate of interest has increased from 7.00% to 7.25% , with effect from 1 July 2020. 

If you have any questions in this regard, please do not hesitate to contact Marie-Lou at mlgillespie@dacct.co.za

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