JOHANNESBURG, May 29 (Xinhua) -- South Africa's central bank cut its benchmark repo rate by 25 basis points to 7.25 percent on Thursday, citing subdued inflation and slowing growth, while lowering its forecasts for both gross domestic product and consumer prices amid global economic uncertainty.
South African Reserve Bank (SARB) Governor Lesetja Kganyago announced the decision during a virtual press conference, saying that five members of the bank's Monetary Policy Committee (MPC) voted for the cut, while one preferred a deeper 50-basis-point reduction. The new rate takes effect on Friday.
