South Africa’s interest rate cut finally arrives

SOUTH AFRICA - Report 18 Jul 2019 by Iraj Abedian

On Thursday (18 July 2019), the nation waited with bated breath on the announcement of the interest rate decision by the Governor of the Reserve Bank (SARB), Mr Lesetja Khanyago. There was a general expectation for the central bank to cut interest rates by 25 basis points after keeping them unchanged during the past three MPC meetings (17 January, 28 March and 23 May 2019). Indeed, the SARB settled for an interest rate cut of 25 basis points in its fourth MPC meeting today. This means that the repo rate will be 6.5%, down from 6.75%. Subsequently, the prime lending rate declines to 10% from 10.25%. The last interest rate cut was in March 2018.

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