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.
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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.
Policy documents in national treasury’s 2020 budget review suggest government will soon significantly relax controls over the export of South African-owned intellectual property.
A new report proves what everybody already knows: businesses cannot operate without electricity and without operating businesses the economy cannot grow.
African central banks are working to link the continent’s major cross-border payment systems as plans to create the world’s largest free-trade zone gain momentum.
Removing policy uncertainty in South Africa, allocating new broadband spectrum and changing visa regulations could immediately boost the country’s flagging economy, Reserve Bank deputy governor Kuben Naidoo said.
South Africa’s power cuts could bring economic growth for the year close to zero if they continue at the same severity seen in March, the central bank said.