A 7% fall in GDP is forecast this year, but a recovery is forecast for next year.
SA Reserve Bank governor Lesetja Kganyago this afternoon announced a further rate cut, this time by 50 basis points or half a percent.The Sarb cut its key lending, or repo rate, by 25 basis points in January 2020.
In March, it took off another 100 basis points as the pandemic began and then in April it cut another 100 basis points, taking it to a record low of 4.25%.Kganyago said he expected a 7% contraction in GDP this year,For more news your way, download The Citizen’s app for
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zimbabweans don't understand economics: Reserve Bank governorReserve Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to 'understand economics', as annual inflation stands at 934%, according to independent economists
Read more »
Zimbabweans don't understand economics: Reserve Bank governorAppearing on Wednesday before parliament’s budget and finance committee, led by Felix Mhona, Zanu-PF’s Chikomba Central MP, Mangudya said: “I pray for Zimbabwe each morning, saying, ‘Oh God, help Zimbabweans understand economics',” he said.
Read more »
BREAKING NEWS: Reserve Bank cuts repo rate a further 50bps to 3.75%This was the fourth meeting of the Bank’s monetary policy committee this year, after an emergency one was held in April
Read more »
Reserve Bank cuts repo rate a further 50bps to 3.75%The SA Reserve Bank cut interest rates by 50 basis points on Thursday which is expected to bring further relief to SA’s battered economy, most of which is still under lockdown.
Read more »
Land Bank must be saved ‘at all costs’, says Dondo MogajaneThe bank's failure to pay its debt in April triggered a default and it is now in talks with creditors for a reprieve
Read more »
Land Bank asks for R22bn injection from the stateThe bank triggered a default on its debt last month when it was not able to honour its commitments due to liquidity challenges
Read more »