BREAKING: Sarb cuts repo rate by 100 bases points

In a surprise move, the South African Reserve Bank’s (Sarb) Monetary Policy Committee (MPC) decided to cut the repo rate by 100 basis points.

The only formal announcement so far was a tweet put out by the Sarb.

This move takes the repo rate to 4.25% per annum.

The Monetary Policy Committee (MPC) of the @SAReserveBank has decided to cut the repo rate by 100 basis points. This takes the repo rate to 4.25% per annum.

— SA Reserve Bank (@SAReserveBank) April 14, 2020

This is a developing story.