The Monetary Policy Committee (MPC) of the South African Reserve Bank decided to cut the repo rate by 100 basis points.
JOHANNESBURG – The Monetary Policy Committee (MPC) of the South African Reserve Bank decided to cut the repo rate by 100 basis points.
This takes the repo rate to 4.25% per annum.
The MPC meeting for May was moved forward to Tuesday.
Last month, the central bank cut the repo rate by 100 basis points to 5.25%, citing a fragile domestic economic outlook, with the economy expected to contract this year and therefore it needed a boost.
The repo rate is the rate at which the central bank lends money to commercial banks.
More to follow
Source: EWN News
