SARB cuts repo rate by further 100 basis points
Updated | By Jacaranda fm
The Reserve Bank’s Monetary Policy Committee cut the repo rate by a further 100 basis points on Tuesday.
This brings the repo rate, at which the central bank lends money to commercial banks, down to 4.25%.
The prime lending rate now stands at 7.75%.
The decision by the Reserve Bank comes less than a month after a similar 1 percentage point cut.
"The May 2020 meeting of the MPC was moved earlier and took place today (Tuesday)," the bank said in a tweet.
The bank is expected to brief the media on the reasons for the cut on Tuesday.
The Monetary Policy Committee (MPC) of the @SAReserveBank has decided to cut the repo rate by 100 basis points. This takes the repo rate to 4.25% per annum.
— SA Reserve Bank (@SAReserveBank) April 14, 2020
Show's Stories
-
Three kid-friendly activities for mid-month that cost under R100
Mid-month blues don't have to leave you bored. Here are some fun things ...
Danny Guselli 1 day, 5 hours ago -
Uncle takes Tyla's 'Water Challenge' very seriously
This uncle was the main event at his family's get-together and he wasn't...
Carol Ofori 1 day, 5 hours ago