The South African Reserve Bank leaves interest rates unchanged for the first time in 2020

SOUTH AFRICA - Report 17 Sep 2020 by Iraj Abedian

Following consecutive interest rate cuts during each meeting since the beginning of 2020 (including during a previously unscheduled meeting in April), the South African Reserve Bank’s (SARB) Monetary Policy Committee (MPC) left the repo rate unchanged today at 3.5%. The last cut in the benchmark interest rate was in July 2020, when the Reserve Bank cut the rate by 25 basis points, which brought the total cut for the year to 300 bps. With the repo at 3.5%, the prime lending rate remains at 7%.

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