South Africa’s central bank has issued a 3.45 billion rand ($200 million) guarantee to bail out the Corporation for Public Deposits (CPD), a government investment arm hit by surging defaults at state agricultural lender Land Bank.
The South African History Archive (SAHA) has described the ruling by the Supreme Court of Appeal (SCA), which ordered the South African Reserve Bank to release certain apartheid-era records, as a victory for democracy.
Businesses and consumers affected by the COVID-19 pandemic will benefit from the latest interest rate cut. Regional Director at FNB South Africa, Andiswa Bata, says that the 50 basis points cut is helpful as it puts more cash back into businesses.
Economist Jeff Schultz says the Reserve Bank has taken a cautious stance by cutting the repo rate by 50 basis points. The move has eased the repo rate to 3.7%.