Prescribed rate of interest (legal interest) has increased from 9% to 10.25%

The prescribed rate of interest has increased from 9% to 10.25%, 0.25% below the Prime Lending Rate, in terms of the Prescribed Rate of Interest Act. This interest rate, determined by the Minister and published in the Government Gazette, will apply where a debt bears interest, and that rate has not been agreed or is not subject to any other law.


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