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    Home»News»Interest rates cut

    Interest rates cut

    News By Agency Staff18 July 2019
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    The South African Reserve Bank cut its benchmark interest rate for the first time in more than a year as it almost halved its economic growth forecast for the year.

    The Monetary Policy Committee unanimously decided to lower the repurchase rate to 6.5% from 6.75%, the Bank’s governor, Lesetja Kganyago, told reporters on Thursday in Pretoria. All but four of the 22 economists in a Bloomberg survey predicted a cut.

    Thursday’s move may be the last one this year. The central bank’s quarterly projection model forecasts a repurchase rate of 6.6% by the end of this year. The model sees the rate at 6.4% at the end of next year and 6.5% at the end of 2021.

    The cut may help to boost output in an economy that contracted the most in a decade in the first quarter and created the risk of a second recession in consecutive years. The bank lowered its growth forecast for the year to 0.6% from 1% in May. GDP hasn’t expanded at more than 2% annually since 2013.

    The central bank, which seeks to anchor price growth close to the 4.5% mid-point of its target range, lowered its forecast for annual inflation this year to 4.4% from 4.5% and sees the rate staying inside the desired band until at least the end of 2021.  — Reported by Amogelang Mbatha and John McCorry, with assistance from Simbarashe Gumbo, Prinesha Naidoo, Vernon Wessels, Renee Bonorchis, Liezel Hill, Paul Richardson and Hilton Shone, (c) 2019 Bloomberg LP

    Lesetja Kganyago Reserve Bank
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