Pretoria – Reserve Bank Governor Gill Marcus has announced that the Monetary Policy Committee (MPC) has decided to decrease the repo rate by 50 basis points to 5%.
The prime rate would decline to 8.5 percent.
The committee had looked at a range of issues such as the inflation figures, the global economy outlook and the Rand/Dollar exchange rate when they met this week.
The MPC had kept the repo rate at 5.5% for the last nine meetings.
Most economists had expected the MPC to keep the repo rate unchanged. – SAnews