Skip to main content

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.

 

Pin It

Related Articles

By: Jason Woosey - IOL Expect to pay more for fuel from Wednesday, February 5, with month-end data from the Central Energy Fund (CEF) pointing to significant increases for both petrol and diesel.
By: Ashley Lechman - IOL The National Energy Regulator of South Africa (Nersa) has approved a significant 12.7% increase in electricity tariffs, set to come into effect on April 1.
By: Yogashen Pillay - IOL Energy experts and the Southern African Faith Communities’ Environment Institute (SAFCEI) have called for the National Energy Regulator of South Africa (Nersa) to be wary of the impact of their decision on Eskom’s tariff a…
Despite ongoing economic pressures, South African consumers turned out in record numbers to capitalise on Black Friday deals, driving notable growth in payment volumes and showcasing a clear preference for digital payment platforms and online shoppi…
By: Dieketseng Maleke - IOL South Africa's Retail Sector Shows Promise for Final Quarter of 2024, Despite Economic Challenges