Further Rate Cut - 24th Mar 2009
The South African Reserve Bank's Monetary Policy Committee (MPC) on Tuesday decided to reduce the repo rate by 100 basis points to 9.5%.This was in line with consensus expectations and takes the prime overdraft rate in South Africa to 13% from 14% before, and will usher in significant relief for cash-strapped consumers.
South African Reserve Bank Governor, Tito Mboweni, said that the decision was based on an improved medium-term outlook for inflation and the volatile global environment.
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