SARB cuts interest rate to six-year low to tackle virus fallout

The South African Reserve Bank cut its benchmark interest rate by the biggest margin in more than ten years as it seeks to support an already fragile economy that’s expected be hit hard by the novel coronavirus. The monetary policy committee voted to lower the repurchase rate to 5.25% from 6.25%, governor Lesetja Kganyago said Thursday in the capital, Pretoria. The decision by the five MPC members was unanimous. That’s more than any of the 21 economists surveyed by Bloomberg projected.

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