Reserve Bank cuts repo rate to 6.75%
There's some relief for consumers as the repo rate has been reduced by 25 basis points.
The Reserve Bank's Monetary Policy Committee decided on the cut - taking the rate at which the central bank lends money to commercial banks to 6.75%.
This means the interest rate is now 10.25%.
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Delivering the MPC statement this afternoon, Reserve Bank Governor Lesetja Kganyago said the inflation outlook had improved a great deal since the last committee meeting but that there are still risks.
"The MPC assesses the risk to be broadly balanced. Although the rand has been relatively resilient - it remains vulnerable to heightened political uncertainty, global monetary policy developments and possible further credit ratings downgrades. On the positive side, it is supported by a sustained narrowing of the current account deficit and positive investor sentiment towards emerging markets," he says.