Abusing Covid19 - shame on you

The South African Reserve Bank monetary policy committee agrees on the repo rate for South Africa. The prime lending rate is directly linked to the repo rate which in turn impacts all interest rates for bank deposits. The SARB uses the repo rate to keep inflation within target levels. In the case of COVID and the lockdown, economic activity slowed down in SA (we are in a recession). The SARB urgently dropped interest rates in order to get people and businesses to save on interest while allowing them to borrow money cheaper in order to stimulate the economy while keeping the inflation rate in check. Since the repo rate is low all banks currently have low interest rates

However, Absa is refusing to drop the interest rate on my vehicle finance inline with SARB.

They have made it clear that they are happy to loose me as a client and that I may move Banks and go with another bank who is willing to assist inline with SARB.