The economy, already in recession before the pandemic hit, is forecast to contract more than 10%, according to some private-sector estimates
BL PREMIUM
23 July 2020 – 15:11
UPDATED 23 July 2020 – 16:21
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.
