19 March 2020 - 23:34The Reserve Bank cut interest rates by twice as much as economists predicted as it joined a global fight against the coronavirus outbreak that is threatening to plunge the world economy into a recession.
Governor Lesetja Kganyago and the rest of the monetary policy committee decided to reduce the repo rate by a full percentage point, the deepest cut in more than a decade, as they dramatically revised their inflation and growth forecasts downwards, saying GDP for the whole of 2020 would contract 0.2%.
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Withdrawal of bank notes and coins is fake, Reserve Bank warns“The SARB has neither withdrawn any banknotes or coins, nor issued any instruction to hand in banknotes or coins that may be contaminated with the Covid-19 virus.” They should do so Damn, and I was just about to open branch of SARB down at the local shopping centre to take in the money.
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Panicked rand breaches R17/$ as investors await Reserve Bank decisionOn closing basis the currency is set for a record low against the US currency, which is benefiting from flight to safety
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Panicked rand breaches R17/$ as investors await Reserve Bank decisionOn closing basis the currency is set for a record low against the US currency, which is benefiting from flight to safety
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WATCH: SA Reserve Bank slashes interest rates by 1%ICYMI: SARB governor Lesetja Kganyago announced today that interest rates would be cut by interest rates by 100 basis points. This takes the repo rate to 5.25% and the prime lending rate will now drop to 8.75%. Some one explain to me 🤔
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