South African Reserve Bank cuts lending rate by 50 basis points

JOHANNESBURG (Reuters) – South Africa’s central bank cut its main lending rate by 50 basis points (bps) to 3.75% on Thursday, in what Governor Lesetja Kganyago said was a move aimed at shielding the economy from the impact of the new coronavirus.

The reduction comes on top of the 225 bps of rate cuts since March. The country has the highest number of coronavirus infections on the continent, with more than 18,000 identified cases.

(Reporting by Mfuneko Toyana and Olivia Kumwenda-Mtambo; Editing by Alexander Winning)

This article was first published on Reuters Africa https://af.reuters.com/article/investingNews/idAFKBN22X1OQ-OZABS and is republished with its permission.

For more coverage on COVID-19 visit: https://www.cnbcafrica.com/covid-19/

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