SARB MPC cuts repo rate to 7.75%
Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday afternoon, saying the decision was unanimous.
South Africa Reserve Bank (SARB) Governor Lesetja Kganyago. Picture: X/SAReserveBank
JOHANNESBURG - The South African Reserve Bank's monetary policy committee has decided to cut the repo rate by 25 basis points to 7.75%.
This will come into effect from Friday.
Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday afternoon, saying the decision was unanimous.
The MPC decided to reduce the policy rate by 25 basis points, to 7.75%, with effect from 22 November 2024. The decision was unanimous. #SARBMPCNOV24 pic.twitter.com/4pLKyg7NtT
— SA Reserve Bank (@SAReserveBank) November 21, 2024
He said that the committee agreed that reducing the level of policy restrictiveness was still consistent with achieving the inflation target.
"The risk outlook, however, requires a cautious approach. Global interest rates could well shift higher again and the recent rand depreciation demonstrates how rapidly changes in the global environment can affect South Africa. The forecast sees rates easing further in the future."