SARB cuts interest 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.

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

The prime lending rate at banks has dropped from 10 percent to 7.25 percent since December.