The prescribed rate of interest in terms of the Prescribed Rate of Interest Act has decreased

The prescribed rate of interest in terms of the Prescribed Rate of Interest Act has decreased from 9,75% to 7,75% with effect from 1 June 2020.

The prescribed rate of interest, determined by the Minister and published in the Government Gazette, applies where a debt bears interest, and the rate of interest applicable to that debt has not been agreed or is not subject to any other law.