Tag: repo rate
The South African Reserve Bank has done a considerable amount of heavy lifting. This year alone, the repo rate was cut by 300 basis points. For many, it is no surprise that the bank decided to keep the rate unchanged, in its latest MPC meeting. In addition, the Reserve Bank has changed its forecast for GDP contraction in 2020, to 8.2 per cent. Investec Chief Economist, Annabel Bishop joins CNBC Africa for more.
After review from the country’s monetary policy meeting, Rwanda’s Central Bank has maintained the repo rate at 4.5 per cent as the country’s economy starts to bounce back from the shocks of the COVID-19 pandemic, CNBC Africa’s Arnold Kwizera spoke to the Central Bank Governor, John Rwangombwa for more.
As mentioned previously, the South African Reserve Bank has lowered the repo rate by 25 basis points, to 3.5 per cent. Joining CNBC Africa to look at how this further cut of interest rates means for South Africa locally and internationally are Annabel Bishop, Chief Economist at Investec and Elina Ribakova, Deputy Chief Economist at the Institute of International Finance.
In what feels like a race against time, Kenya parliament's budgets appropriations committee approved the third supplementary budget on Friday for the financial year ending tomorrow, why so late and what are the implications of the latest changes? Churchill Ogutu, Head of Research at Genghis Capital joins CNBC Africa for more.
In the next few hours the South African Reserve Bank governor is due to announce the MPC rate decision, which many analysts believe that there will be a rate cut of 50 Basis points. Joining CNBC Africa to give insight on South Africa’s monetary stimulus support during Covid-19 is Razia Khan, Chief Economist for Africa and the Middle East at Standard Chartered Bank.
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 South African rand fell on Wednesday after a surprise repo rate cut by the South African Reserve Bank, while broader emerging market risk assets retreated amid continued focus on the coronavirus outbreak.
The South African Reserve Bank has cut the repo rate by 100 basis points which leaves the repo rate at 4.25 per cent per annum. The May 2020 meeting of the MPC was moved earlier and took place today. The announcement comes a few weeks after the MPC cut the repo rate by 100 basis points in March as well. This is what the SARB governor Lesetja Kganyago had to say.