South Africa cuts interest rates to soften virus impact vanguardnews
South Africa’s central bank on Thursday cut its key interest rate for the fifth time this year in a bid to breathe life into the coronavirus-stricken economy.
Already this year, the bank had previously cut the rate by a total 2.75 percentage points to provide relief to indebted consumers as the negative effects from the coronavirus pandemic make themselves felt. But the country’s economy was already in tatters before the onset of the pandemic, with credit ratings agencies downgrading South Africa’s sovereign debt.
The central bank also downgraded its growth estimate for the second quarter and said it expected gross domestic product to contract by 7.3 percent in 2020, instead of the 7.0 percent forecast in May.
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