The Bank brought forward its May meeting to Tuesday, and cut interest rates for the third time in 2020
The Reserve Bank has cut interest rates by one percentage point for the second time in just less than a month, bringing the repo rate down to 4.25% on Tuesday morning.
SA’s interest rates are now at their lowest in history, and come amid a wave of global central bank cutting in an attempt to offset the economic damage from the Covid-19 pandemic. The cut is clearly a response to the extension of the lockdown, and the depth of SA’s impending recession is likely worrying the central bank, said Capital Economics chief emerging-markets economist William Jackson in a note.
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