Sarb slashes interest rates by a larger-than-expected 100 basis points to shield economy against COVID-19 fallout

Highlights _________________________________________________________________________________ • The South African Reserve Bank (Sarb) Monetary Policy Committee (MPC) slashed interest rates by a larger-than-expected 100 basis points to 5.25% at the March 2020 interest rate-setting meeting. • The Sarb acknowledged significant downgrades to expected global economic activity due to the outbreak and spread of COVID-19. • Significant downside adjustments to the Sarb’s economic growth outlook (1% weaker for 2020 and 0.6% lower for 2021 relative…