Kganyago made the announcement in Pretoria after the three-day meeting of the Monetary Policy Committee on Thursday. The rate cut was widely expected. Kaganyago says the bank continues to closely monitor inflation.

“Because of these downside surprises, together with a stronger rand and a lower oil price assumption, we have small downward revisions to our inflation outlook, for both 2025 and 2026. We remain on track to deliver 3% inflation over the medium term,” Kganyago said.

–SABC–