Sarb cuts rates as unemployment breaches 30%

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Lesetja Kganyago

Sarb governor, Lesetja Kganyago

The South African Reserve Bank’s monetary policy committee cut interest rates to 3.5% today (July 23), following a rise in unemployment and a dip in inflation.

Only three of the MPC’s five members voted for the 25 basis point cut, while the other two preferred to keep rates on hold. The committee forecasts a further 25bp cut in the fourth quarter of this year.

Global economic and financial conditions are expected to remain volatile for the foreseeable future,” governor Lesetja Kganyago said

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