Reserve Bank cuts repo rate 25 basis points to 3.5%
The South African Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday.
JOHANNESBURG - South African Reserve Bank (Sarb) Governor Lesetja Kganyago has announced the repo rate has been cut by 25 basis points to 3.50%.
Prior to today's announcement, the bank's Monetary Policy Committee has cut the repo rate by 275 basis points this year to try and counter the effects of negative growth due to COVID-19.
In an emergency meeting in April the bank cut the repo rate by 100 basis points, followed by a 50 basis point cut to 3.75% during its May meeting.