The South African Reserve Bank (SARB) has announced a further cut in the repo rate of 50 basis points, reducing the banks' prime lending rate from 7.75% to 7.25%. The decision follows the three-day meeting of the Sarb's Monetary Policy Committee. Reserve Bank Governor Lesetja Kganyago announced that the Reserve Bank will be cutting interest rates by 50 basis points, taking the repo rate to 3.75% per annum. At the last emergency MPC announcement in April, Sarb cut interest rates by 100 basis points, to help the country's economy due to the impact of the Covid-19 pandemic.