SARB cuts repo rate by further 100 basis points
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.
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"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 on Tuesday.
The Monetary Policy Committee (MPC) of the @SAReserveBank has decided to cut the repo rate by 100 basis points. This takes the repo rate to 4.25% per annum.
— SA Reserve Bank (@SAReserveBank) April 14, 2020