Bad news on the way for debt-laden South Africans
South Africans with debt can expect some bad news when the Reserve Bank's Monetary Policy Committee meets later this month.
That's the view of FNB's CEO Jacques Celliers.
His sentiment is in line with that of several economists, who anticipate the country's central bank will push up the repo rate in an effort to slow down inflation.
Celliers says although debt will become more expensive, it is still not a worst-case scenario.
"Clearly, the impact of inflation and the high-interest rate is going to have an impact. But what we have seen though is that we are still not back at 2019 levels of interest rates and customers are in a much better position, they've had time to recover their balance sheets.
"People have three years of saving opposed to two or three years of wasting. So on the back of already being conservative, I think people are in a better position."
