The South African Reserve Bank (SARB) cut its main repo rate by 25 basis points on Thursday, surprising the vast majority of economists.
Policymakers voted unanimously to cut the key rate from 6.5% to 6.25%, upending the expectations of 21 of the 24 economists polled by Reuters ahead of the decision.such as the heavily indebted Eskom electricity monopoly, escalating government debt and depleted business confidence, Africa's most industrialized economy has struggled to exit a period of anemic growth which embedded itself under previous President Jacob Zuma. The South African economy contracted in the third quarter of 2019.
The decision to cut rates marks a significant shift in tone from the traditionally hawkish central bank, with Governor Lesetja Kganyago previously attributing slow growth primarily to supply-side constraints and arguing that loosening monetary policy would do little to boost activity.
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