The South African Reserve Bank has cut the repo rate by 100 basis points. Reserve Bank Governor Lesetja Kganyago said this takes the repo rate to 5.25% per annum, with effect from 20 March 2020. The decision was unanimous, he said. The cut reduces the mortgage rate to 8.75%. The governor said that low inflation has created space for monetary policy to respond to deteriorating economic conditions. The bank's headline consumer price inflation forecast averages 3.8% for 2020, 4.6% for 2021, and 4. 4% in 2022.