50 bps – that’s the new interest rate cut by the South Africa Reserve Bank

SOUTH AFRICA - Report 21 May 2020 by Iraj Abedian

The South African Reserve Bank (SARB) has once again announced that it is cutting the benchmark interest rate following today’s conclusion of its Monetary Policy Committee’s scheduled May meeting. The repo rate is being cut by 50 basis points following the 200 bps cuts implemented from end-March to mid-April. This bring the total interest cuts for the year to 275 bps. It also takes the prime interest rate from 7.75% to 7.25%.

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