Reserve Bank Governor Lesetja Kganyango said the monetary policy committee (MPC) would not hesitate to act again should the country’s economic environment worsen.
The central bank has on Tuesday announced an emergency repo rate cut of a 100 basis points to 4.25%.
This follows an interest rate cut of one percentage point last month.
Kganyago said job losses remained a key concern and the sooner the coronavirus was beaten, the better.
But he said inflation was under control and should remain in the bank’s target range of 3% to 6% for now.
The price of Brent Crude has also seen lower fuel prices and Kganyago said prices looked to remain low.
However, the governor said the country’s economy was under pressure with growth forecast at minus 6.1% for this year and the bank would continue to monitor the situation very closely.
More Stories
Five VBS-linked Suspects Appear In Orkney Magistrate’s Court
Green Energy To Form Key Part Of SA-Germany Partnership
Umdloti Residents Protest Against Property Developers
NICD Reports 4 227 New COVID-19 Cases In SA
SANDF Will Be Hard-Pressed To Assist In Future Catastrophes In SA – Modise
Alleged Parliament Arsonist Zandile Mafe’s Bail Application To Be Heard Again
Golden Arrows Opts Not To Hike Bus Fares For Now
German Chancellor Olaf Scholz Visits South Africa
Ramaphosa Urges Leaders To Bring Culture Of servant Leadership Into Politics
Saftu Leadership Race Heats Up
KZN Battered By More Rain
Freedom Park CEO Defends Flag Project