Tag: Basis Points
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.
South Africa’s economy will contract sharply this year as activity is hit by the coronavirus outbreak, despite expectations the central bank will cut interest rates again in May, a Reuters poll found on Monday.
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) has cut the country’s interest rate by another 100 basis points, taking the repo rate to 4.25% per annum.
The South African Reserve Bank (SARB) cut its main lending rate by 100 basis points to 5.25% on Thursday in a unanimous decision, citing a dire local and global economic outlook due to the deepening impact of the coronavirus pandemic.