Browsing: Reserve Bank

The South African Reserve Bank has announced that cheques will not be supported by the country’s national payment system from 1 January.

South Africa’s economy probably contracted by an annualised 40.1% in the second quarter, according to central bank forecasts.

Key South African data released this week suggests a record economic contraction in the second quarter as the damage wrought by a nationwide lockdown becomes clear.

South Africa’s economy probably contracted more than 30% in the second quarter when restrictions to curb the spread of the coronavirus shut almost all activity for five weeks.

South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.

The South African Reserve Bank has cut the repo rate by a 100 basis points – the second time it has done so in less than a month as worries mount over the impact of Covid-19 on economic growth.

South Africa’s economy could contract by between 2% and 4% this year due to the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.

The rand hasn’t hit rock bottom yet. Even after falling to its weakest level on record against the dollar this week, South Africa’s currency has a better chance of extending the decline in coming months.

The South African Reserve Bank cut its benchmark interest rate by the biggest margin in more than 10 years as it seeks to support an already fragile economy that’s expected be hit hard by the novel coronavirus.

The South African Reserve Bank has warned the public that it is not withdrawing banknotes and coins due to the coronavirus outbreak.