Reserve Bank lowers interest rates for a fifth time in 2020 – Business Day

Reserve Bank lowers interest rates for a fifth time in 2020 – Business Day

The SA Reserve Bank’s monetary policy committee (MPC) cut interest rates by a further 25 basis points (bps) on Thursday, extending relief for SA’s embattled consumers and businesses in the grip of the Covid-19 economic crisis.

The cut brings the benchmark rate to 3.5% — the lowest rate implemented by the Bank in almost 47 years — with cuts in 2020 now totalling 300 bps.

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