Repo rate cut by fifty basis points
South African Reserve Bank Governor Lesetja Kganyago made announced the decision of the Monetary Policy Committee via a virtual briefing today.
Kganyago said The MPC decided to cut the repo rate by fifty basis points. Taking each to 3.75% per annum with effect to the 22nd of May
It's the third rate cut in as many months - prompted by the additional pressures on the economy brought on by the coronavirus pandemic.
READ: Finance experts predict another interest rate cut
In March the repo rate was slashed by 100 basis points - followed by another 100 basis point cut a month later.
Today's reduction edges the repo rate closer to the low levels last seen almost 50 years ago.
