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Reserve Bank cuts interest rates by one percentage point

| Economic factors

The Bank brought forward its May meeting to Tuesday, and cut interest rates for the third time in 2020

The Reserve Bank has cut interest rates by one percentage point for the second time in just less than a month, bringing the repo rate down to 4.25% on Tuesday morning.

 

The 100 basis point cut on Tuesday follows a 100 basis point cut on March 19. In January, the Bank cut interest rates by 25 basis points.

The rand weakened after the announcement, trading 0.2% lower at R18.12/$ in morning trade.

 

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