The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) has cut the country’s interest rate by another 100 basis points, taking the repo rate to 4.25% per annum.

The following is a statement on behalf of the MPC of SARB:

The Monetary Policy Committee (MPC) of the South African Reserve Bank decided to cut the repo rate by 100 basis points. This takes the repo rate to 4.25% per annum.

The May 2020 meeting of the MPC was been moved earlier and took place today.

The MPC will host a media briefing today Tuesday 14 April 2020 at 11.30.

The conference will be hosted virtually on Zoom (details will be shared upon confirmation) and streamed live on the South African Reserve Bank’s (SARB) Facebook and YouTube accounts. Questions will be submitted during the conference and will be responded to thereafter.