Central Bank cuts repo rate to 6.5 percent
South Africa's central bank unexpectedly cut its repo rate by 50 basis points to 6.5 percent on Thursday to help accelerate a recovery from last year's recession and as inflation slows.
In an aggressive monetary policy announcement, the RBI hiked the repo rate the rate at which the RBI lends money to banks, by 0.25 % from 5.75% to 6 % and the reverse repo rate, the rate at which RBI borrows money from bank by 0.50 % from 4.50% to 5 %.