The SA Reserve Bank’s monetary policy committee cut the repo rate by 100 basis points, or one percentage point, from 6.25% to 5.25% on Thursday.
Most economists were expecting a cut of 50 basis points.
The Reserve Bank is under pressure to help arrest the economy’s downward spiral. South Africa is already in recession, and the fall-out from business disruption due to the coronavirus crisis will be significant.
Read the full article on the Fin24 website: JUST IN: Steep cut in interest rates announced
Author: Derrick Markotter
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