The South African Reserve Bank has decided to leave the interest rates unchanged with the repo rate remaining at 3.5% and the prime lending rate at 7%.
“The Covid-19 outbreak has had major health, social and economic impacts, presenting difficulties in forecasting domestic and global economic activity. The compilation of accurate economic statistics has, and will, remain severely challenged,” he said. To alleviate economic pressure, the Sarb had reduced the repo rate by 300 basis points since the implementation of the Covid-19 lockdown.
The strict lockdown brought economic activity to a standstill, with manufacturing and mining the biggest losers in the quarter. The governor said risks to the growth outlook were assessed to be balanced, but this was tentative and open to adjustments given the wide range of shocks hitting the economy.
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