Reserve Bank Governor Lesetja Kganyago announced on Thursday that the Monetary Policy Committee has decided to cut interest rates by 25 basis points, bringing the prime lending rate down to 11%.
This marks the third consecutive rate cut by the Central Bank, a move that was widely expected despite some analysts suggesting that the Bank might keep rates steady due to global instability. Notably, the US Fed recently decided to keep rates on hold.
Kganyago made the announcement in Pretoria, acknowledging that core inflation remains elevated. This decision reflects the Bank’s efforts to balance inflation concerns with the need to support economic growth
