Prior to Thursday's announcement, the bank's Monetary Policy Committee had cut the repo rate by 275 basis points this year to try and counter the effects of negative growth due to COVID-19.
The bank has reduced the rate by 300 basis points so far this year, in an effort to promote growth amid an economy suffering under the effects of the COVID-19 lockdown.
He was speaking at the Cape Town Country Club on Wednesday where he said he won't be drawn on whether there will be any further rate cuts to further cushion South Africans from the devastating effects of COVID-19.
The bank has long been under pressure to take more drastic measures to revive growth with calls for it to slash lending rates and finance government through quantitative easing.
The Reserve Bank has long been under pressure to take more drastic measures to revive growth in Africa’s most advanced economy, with calls for the bank to slash lending rates and finance government through quantitative easing.
The South African Reserve Bank Governor Lesetja Kganyago made the announcement on Thursday.
The Sarb governor said the COVID-19 pandemic had had a devastating effect on growth, but the country could turn the situation around.
The central bank has announced an emergency repo rate cut of a hundred basis points to 4.25%.
Reserve Bank Governor Lesetja Kganyago announced a reduction in the repo rate of 100 basis points to 5.25%.
The virus, which emerged in the Chinese city of Wuhan last year, has so far infected more than 73,000 people in China and 25 other countries and caused nearly 2,000 fatalities so far.
Reserve Governor Lesetja Kganyago is among global leaders in Davos at the World Economic Forum, which would discuss global warming and climate change as talking points.
Reserve Bank Governor Lesetja Kganyago announced on Thursday that the repo rate had been reduced by 25 basis points to 6.5%.
The IMF has now joined ratings agencies in expressing concern about the country's overall economic growth, citing immediate concerns.
The repo rate is the rate at which the central bank lends money to commercial banks.
The repo rate is the rate at which the central bank lends money to commercial banks.
South African Reserve Bank Governor Lesetja Kganyago made the remarks during a panel discussion at the World Economic Forum on Africa in Cape Town which ended on Friday.
South African Reserve Bank Governor Lesetja Kganyago was suing Lungisa for R500,000 after the politician called him an 'exceptional K-word'.
Sarb Governor Lesetja Kganyago filed court papers on Tuesday demanding R500,000 in damages from Andile Lungisa for calling him a 'dutiful servant of racialist superiors - and exceptional k-word'.
