The SARB Implements its First Rate Cut Following an End to its Tightening Cycle

SOUTH AFRICA - Report 20 Jul 2017 by Iraj Abedian

The South African Reserve Bank’s MPC announced a 25 basis point cut from 7% (the rate that prevailed since March 2016) to 6.75%, effective from July 21.

The Reserve Bank MPC’s decision to cut interest rates came in the wake of the latest inflation figures showing that headline CPI for June came in at 5.1% y/y, a lower rate than the 5.4% y/y registered in May 2017. The South African inflation rate has therefore been within the target range for the whole of the second quarter, with April 2017 CPI at 5.3% y/y.

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