The South African Reserve Bank cut its main interest rate for the first time in more than four years on Thursday.
Browsing: Reserve Bank
Debit cards already handle the lion’s share of transactional value, despite cash being used in higher volumes.
The rand strengthened to a 13-month high on Friday, supported by improved investor sentiment.
Inflation fell more than expected in July, opening the way for interest rate cuts from next month.
The Reserve Bank will leave interest rates on hold this week but cut rates by 25 basis points in September, a poll suggested.
President Cyril Ramaphosa on Monday welcomed last week’s milestone of 100 days without load shedding in South Africa.
Retailers are not obliged to accept cash as a means of payment, even though it is defined as legal tender.
Inflation will slow next year as global trends weighing on price growth combine with weak consumer spending.
The economy shrank in the third quarter as logistics constraints and a chronic electricity shortage took their toll.
November has been good to South Africa’s rand for the past five years. This time is different.