SARB cuts interest rate by 25 basis points

JOHANNESBURG - The South African Reserve Bank has cut the repo rate by 25 basis points.

Reserve Bank Governor, Lesetja Kganyago announced the Monetary Policy Committee's decision on Thursday.

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The bank has cut interest rates by 275 basis points, in response to the impact of the COVID-19 pandemic on the economy.

Since December the prime lending rate at banks has dropped from 10% to 7.25%.