The South African Reserve Bank (Sarb) cut its repo rate by another 50 basis points to 3.75% on Thursday 21 May, taking the prime commercial lending rate to 7.25%.

Sarb governor Lesetja Kganyago announced the decision following the bank’s three-day Monetary Policy Committee (MPC) meeting in Pretoria.

This takes the bank’s total repo rate cuts this year to 275 basis points or 2.75%, as it slashes rates in the face of Covid-19 economic fallout. The latest MPC meeting follows the bank calling an emergency MPC in April, where it announced a surprise 100-basis point cut.

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