RATE REMAINS FIRM AT 10%

The Reserve Bank's statement that the prime interest rate will remain at a steady 10% after today's Monetary Policy Committee meeting is in line with our expectations of no movement in the rate this year.

South Africa's economy is generally in a good, stable condition, as is the property market, which has shown a slow but steady upward trend since late last year. This interest rate stability bodes well for continued growth in property sales volumes and prices for the remainder of the year; however consumers should plan now for the fact that interest rate increases are highly likely to become a reality from early 2011.

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