The Reserve Bank has cut the repo rate by 50 basis points following its Monetary Policy Committee meeting. This takes the benchmark rate to 3.75%, the lowest level since the repo was introduced in 1998.

The move will bring further relief to South Africa’s battered economy, most of which is still under lockdown.

Reserve bank governor, Lesetja Kganyago made the announcement in Pretoria on Thursday.

Below is the link to the media briefing: