{"id":21918,"date":"2020-04-15T18:37:19","date_gmt":"2020-04-15T17:37:19","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=21918"},"modified":"2020-04-15T18:37:19","modified_gmt":"2020-04-15T17:37:19","slug":"south-africa-cuts-interest-rate-amidst-recession","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/south-africa-cuts-interest-rate-amidst-recession\/","title":{"rendered":"South Africa cuts interest rate amidst recession"},"content":{"rendered":"\n<p><strong>By Tanko Mohammed<\/strong><\/p>\n\n\n<p>South Africa, a country already in economic recession, has cut its interest rate by 100 basis points, bringing the repo rate to 4.25 per cent per annum starting on Wednesday.<\/p>\n\n\n<p>The South African Reserve Bank (SARB) announced the cut.<\/p>\n\n\n<p>SARB governor Lesetja Kganyago said the decision to cut the rate had the potential to weaken the local rand currency.<\/p>\n\n\n<p>While monetary policy could ease financial conditions and improve the resilience of households and firms to the economic implications of coronavirus, the bank official said such a policy could \u201cnot on its own improve the potential growth rate of the economy or reduce fiscal risks.\u201d<\/p>\n\n\n<p>&nbsp;\u201cThese should be addressed by implementing prudent macroeconomic policies and structural reforms that lower costs generally, and increase investment<\/p>\n\n\n<p>&nbsp;opportunities, potential growth and job creation,\u201d Kganyago said.<\/p>\n\n\n<p>&#8220;While the bank continued to ease interest rates, the bank has also taken steps to ensure adequate liquidity in money and government bond markets, and to ease capital requirements to free capital for on-lending by financial institutions.\u201d<\/p>\n\n\n<p>On the pandemic, he said \u201cthe outbreak will have a major health and social impact, and forecasting domestic economic activity presents unprecedented uncertainty.\u201d<\/p>\n\n\n<p>With that in mind, the bank expects Gross Domestic Product (GDP) to contract by 6.1 percent in 2020 \u201ccompared to the negative 0.2 percent expected just three weeks ago.\u201d<\/p>\n\n\n<p>\u201cGDP is expected to grow by 2.2 percent in 2021 and by 2.7 percent in 2022,\u201d Kganyago said.<\/p>\n\n\n<p>&nbsp;The South African government recently extended the coronavirus lockdown by an additional 14 days, bringing to 35 the total number of days for its stay-home policy.<br \/>&#8230;\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tanko Mohammed South Africa, a country already in economic recession, has cut its interest rate by 100 basis points, bringing the repo rate to 4.25 per cent per annum starting on Wednesday. The South African Reserve Bank (SARB) announced the cut. SARB governor Lesetja Kganyago said the decision to cut the rate had the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[],"class_list":["post-21918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Africa cuts interest rate amidst recession - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/south-africa-cuts-interest-rate-amidst-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa cuts interest rate amidst recession - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Tanko Mohammed South Africa, a country already in economic recession, has cut its interest rate by 100 basis points, bringing the repo rate to 4.25 per cent per annum starting on Wednesday. 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