JUST IN: South African Reserve Bank Governor Lesetja Kganyago has announced that the Reserve Bank will be cutting interest rates by 50 basis points, taking the repo rate to 3.75% per annum.
Lesetja Kganyago, on Thursday afternoon announced the bank's latest decision on interest rates for the country. chairs.
Kganyago announced the Reserve Bank will be cutting interest rates by 50 basis points, thus taking the repo rate to announcement in April, Sarb cut interest rates by 100 basis points to help the country's economy that was taking a hit from the Covid-19 pandemic. Kganyago announced the MPC decided that Sarb would be cutting interest rates by 100 basis points, which saw the The Covid-19 outbreak has major health, social and economic impacts, presenting challenges in forecasting domestic economic activity
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