This takes the repo rate to 5.25% which will take effect from 20 March 2020, and the prime lending rate will now drop to 8.75%.
Kganyago said, "The implied path of policy rates over the forecast period generated by the Quarterly Projection Model indicated three repo rate cuts of 25 basis points each in the second and fourth quarter of 2020, as well as in the third quarter of 2021. Monetary policy can ease financial conditions and improve the resilience of households and firms to the short-term economic implications of Covid-19. Our decision and its magnitude seeks to do this in the near term.
"Monetary policy however cannot on its own improve the potential growth rate of the economy or reduce fiscal risks. Current economic conditions underscore the importance of implementing prudent macroeconomic policies and structural reforms that lower costs generally, and increase investment opportunities, potential growth and job creation," Kanyago added.
Source: Loan Digest (loandigest.net)
Some one explain to me 🤔
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheCitizen_News - 🏆 6. / 75 Read more »
SA Reserve Bank cuts rates by 100 basis points'Despite the general rise in risk, the significantly lower forecast for headline inflation has created space for monetary policy to respond to the rapid deterioration in economic conditions.' not all is negative syabonga
Source: TimesLIVE - 🏆 28. / 59 Read more »
BREAKING NEWS: SA Reserve Bank cuts rates by 100 basis pointsThe Reserve Bank says GDP for the whole of 2020 will contract 0.2% DavidMVM What does this mean chair......? Only 1% A joke. chrishartZA SATodayNews carteblanchetv FMFSouthAfrica Sandton_News
Source: BDliveSA - 🏆 12. / 63 Read more »
SA Reserve Bank cuts rates by 100 basis pointsThe SA Reserve Bank cut interest rates by 100 basis points as it dramatically revised the inflation and growth forecast, saying GDP for the whole of 2020 would contract 0.2%. NICE Reserve Banks are the biggest scams in the history of mankind owned by few individuals like Rothchild family, Rockerfella family, JP Morgan family etc those reserve banks are milking country's economies to fund their Satanic New World Order. See the link It will help a bit. But not enough to save is.
Source: SundayTimesZA - 🏆 47. / 51 Read more »
SA Reserve Bank cuts rates by 100 basis pointsThe SA Reserve Bank cut interest rates by 100 basis points as it dramatically revised the inflation and growth forecast, saying GDP for the whole of 2020 would contract 0.2%.
Source: SundayTimesZA - 🏆 47. / 51 Read more »
Source: mailandguardian - 🏆 2. / 92 Read more »