RESERVE BANK CUTS REPO RATE TO 4.25%

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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