Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised
The South African Reserve Bank cut interest rates by 100 basis points to 4.25% today (April 14), following an extraordinary meeting of its monetary policy committee.
Speaking at a virtual press conference with the rest of the MPC, governor Lesetja Kganyago said the impact of the coronavirus pandemic had worsened significantly since its March meeting.
“In March, we did not know South Africa was going to be in lockdown. Following the government’s measures, we began to assess the effects,”
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