The South African Reserve Bank cuts interest rates by 100 basis points amid the Covid-19 pandemic

SOUTH AFRICA - Report 19 Mar 2020 by Iraj Abedian

The South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) has today announced that it is cutting the benchmark interest rate by 100 basis points from 6.25% to 5.25%, which means the prime lending rate also goes from 9.75% to 8.75%. This is an especially bold move from the normally conservative Reserve Bank, but it appears that indeed, desperate times called for drastic measures. What’s more, the MPC reports that its forecast model currently shows three more 25 basis points cuts of the repo rate by the end of Q3 2021.

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