PAraphrase:
Section 2(a) of the Act determines that the rate of mora interest is the repurchase rate as determined from time to time by the South African Reserve Bank, (“the Repo Rate”) plus 3,5 percent per annum, which rate must be published by the Department of Justice and Correctional Services, from time to time, by notice in the Government Gazette. The rate will become effective from the first day of the second month following the month in which the Repo Rate is determined by the South African Reserve Bank.
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Section 2(a) of the Act states that the mora interest rate is equal to the Repo Rate set by the South African Reserve Bank, plus 3.5% per year. This rate will be officially announced by the Department of Justice and Correctional Services in the Government Gazette and will take effect on the first day of the second month after the Repo Rate is determined by the Reserve Bank.
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