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South Africa Cuts Rate to Record Low After Lockdown Extended

  • MPC brings forward meeting originally scheduled for May
  • Central bank cuts benchmark interest rate to 4.25% from 5.25%
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South Africa’s central bank unexpectedly cut its benchmark interest rate to a record low to support an economy that’s projected to slump even deeper into recession after the government extended a nationwide lockdown in response to the coronavirus.

The repurchase rate was reduced to 4.25% from 5.25%, the South African Reserve Bank said in an emailed statement Tuesday. The decision was unanimous.