Eswatini central bank cuts base rate 25bps to 3.75%

PUBLISHED: Sat, 25 Jul 2020 15:56:39 GMT

MBABANE (Reuters) – Eswatini’s central bank has cut its policy rate by 25 basis points to 3.75%, it said in a statement on Saturday, the latest of several cuts meant to counter a coronavirus-linked downturn.

The previous 50bps cut was in May. As is often the case, the central bank’s decision mirrored that of neighbour South Africa, which also cut by 25pbs on Thursday.

The government forecast in May that the economy would contract by 6.7% this year owing to the COVID-19 crisis.

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.