South Africa
SARB cuts repo rate by further 100 basis points─── 12:16 Tue, 14 Apr 2020
The Reserve Bank’s Monetary Policy Committee cut the repo rate by a further 100 basis points on Tuesday.
This brings the repo rate, at which the central bank lends money to commercial banks, down to 4,25%.
The prime lending rate now stands at 7,75%.
The decision by the Reserve Bank comes less than a month after a similar 1 percentage point cut.
"The May 2020 meeting of the MPC was moved earlier and took place today (Tuesday)," the bank said in a tweet.
The bank is expected to brief the media on the reasons for the cut later on Tuesday.
