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Reserve Bank again cuts repo rate by 1 percentage point

Reserve Bank again cuts repo rate by 1 percentage point

Photo by Bloomberg

14th April 2020

By: News24Wire

  

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The South African Reserve Bank has cut the repo rate by 100 basis points, or one percentage point. This brings South Africa's repo rate to 4.25%.

Tuesday's announcement was the second major cut in less than a month, after the bank cut the rate by one percentage point in mid-March. 

"The May 2020 meeting of the MPC was moved earlier and took place today," the bank said in a tweet. 

The repo rate is the benchmark interest rate at which the Reserve Bank lends money to other banks.

Edited by News24Wire

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