The South African Reserve Bank has caught up with the internet and is now offering a webcast of its MPC meetings. MPC meetings are, let's face it, deathly dull. No-one except real finance geeks would watch it if it wasn't for the fact that the decisions of the MPC have such far reaching effects on us. The MPC sets the interest rate and that sets how much our credit costs us. Some of the things that can be affected by a change in the interest rate are:
- Your homeloan
- Your credit card
- Your short term loans
Now when the MPC changes the interest rate and they are expected to again this week, then there may be savings for you in the three things mentioned above. However these savings are not always passed on to the consumer and it is always a good idea to check with experts and see if there can be a reduction in what you pay and how you can get it. Often you will have to ask for the newer better rate, but as the interest rate goes down it costs the banks less to borrow money from the Reserve Bank and these savings should be passed onto you the consumer.
The interesting thing for Justmoney is the live webcast aspect the SARB has introduced, it may not have the greatest layout, and it may not be especially alternative browser friendly but the Bank is trying to get with the future and bring a bit of 2.0 to the MPC at SARB. You can watch live streaming financial dullness right on your own screen. A perfect way to spend Thursday afternoon, especially if you have a homeloan, a credit card or a short term loan. That said finance geeks like us here at Justmoney we look forward to the MPC meetings and always watch Uncle Tito lay it down, so why don't you join us Thursday 25th June at 3pm for the live webcast.