At the conclusion of their Monetary Policy Committee meeting in late-July 2020, the SA Reserve Bank issued a statement saying that exceptionally accommodative policies and the relaxation of lockdowns in many advanced economies have supported a partial recovery in global financial markets. However, financing conditions for emerging markets remain uncertain, contributing to currency weakness. The benign inflation environment, nevertheless persuaded the MPC to cut the repo rate by 25 basis points, taking it to 3.50% per annum, with effect from 24 July 2020.
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